MTN in Advanced Talks to Acquire IHS Towers for $2.76bn

MTN Group, Africa’s largest telecom operator, is negotiating to buy out the remaining 75% stake in IHS Towers, a deal that would value the tower company at about $2.76 billion.

Reuters reported that MTN is seeking to acquire the shares it does not already own in IHS Holdings. Based on IHS’s latest closing price on the New York Stock Exchange, the potential transaction places the firm’s market capitalization at roughly $2.76 billion.

MTN currently holds a 25% interest in IHS Towers, dating back to a 2014 agreement in which it sold most of its tower assets across several African markets to IHS in a landmark infrastructure deal.

“Renewing contracts across our markets into the next decade has strengthened MTN’s long‑term operations. We remain committed to investing in our networks, ensuring high availability, and meeting the rising demand for data. These renewals are central to those goals, and we look forward to working with IHS on governance matters now that commercial arrangements are in place,” MTN CEO Ralph Mupita said in a 2024 statement.

MTN, which depends heavily on IHS for tower infrastructure in key markets such as Nigeria, stressed that any offer would reflect IHS’s most recent valuation. The company noted that talks are ongoing and no binding agreement has yet been signed.

IHS Holdings, listed in both New York and Frankfurt, saw its US‑listed shares close lower on Wednesday, giving the group a market capitalization of about $2.76 billion.

If completed, the acquisition would represent a strategic shift for MTN, granting it greater control over critical infrastructure assets that underpin its mobile networks. Increased ownership could help the telco cut costs, boost efficiency, and reduce reliance on third‑party providers.

MTN also stated that if negotiations do not result in a deal, it will explore other ways to unlock value from its current stake in IHS while staying within its capital allocation framework.

Both companies have maintained a long‑standing partnership, with MTN serving as IHS’s largest customer across several African markets. MTN’s role as a major shareholder highlights the strategic importance of the ongoing discussions.