MTN Wins Shareholder Approval for Full IHS Acquisition

MTN Group has secured shareholder approval to acquire the remaining shares in IHS Holding Limited, moving a step closer to taking full ownership of one of Africa’s largest telecommunications tower companies. Shareholders voted in favour of the proposal during an Extraordinary General Meeting on 4 August, giving MTN one of the final approvals it needs to complete the acquisition.

Deal Moves Closer to Completion

MTN announced the deal in February, saying it planned to buy the IHS shares it does not already own. Once the transaction closes, IHS will become a wholly owned subsidiary of the telecommunications group. MTN will complete the acquisition through a merger involving a temporary company it created specifically for the transaction. The temporary company will cease to exist after the merger, while IHS will continue as the legal entity. MTN also plans to delist IHS from the New York Stock Exchange after completing the acquisition. IHS will continue operating under its existing corporate registration, contracts and licences unless MTN decides to make changes later. “The approval by IHS shareholders is an important step toward completion of the transaction,” said MTN Group President and Chief Executive Officer Ralph Mupita.

Why MTN Wants Full Ownership

MTN wants to bring a key part of its network infrastructure directly into the business. Telecommunications towers support mobile connectivity across its markets, and full ownership gives the company greater control over those assets. Mupita said the acquisition also supports MTN’s Ambition 2030 strategy, which focuses on expanding the group’s digital infrastructure as demand for mobile data, cloud services and artificial intelligence continues to grow.

Regulatory Approval Still Outstanding

The acquisition is not yet complete. MTN said it is still working through the remaining regulatory approval processes before it can close the deal. Shareholders also considered a procedural resolution that would have allowed the meeting to adjourn if the merger failed to attract enough support. Because shareholders approved the transaction, they did not need that resolution. After regulators give the green light, MTN will own IHS outright and bring the tower business fully into the group.