MTN moves toward full control of IHS Towers

MTN Group said on Thursday that it is in advanced discussions to acquire the remaining shares in IHS Holdings, a transaction that would give the mobile operator full control of the tower infrastructure business.

In a cautionary notice to investors, MTN said it is considering the acquisition of the remaining 75% stake in IHS following recent market speculation regarding the New York Stock Exchange-listed company. MTN noted that discussions are at an advanced stage and that any potential offer would be priced close to IHS’s most recent trading price as at February 4, 2026. The group also pointed out that IHS’s share price has risen sharply in recent months. The Telecommunications Company has previously raised concerns about corporate governance at IHS.

MTN cautioned that no final agreement has been reached and that there is no certainty the transaction will be completed. If concluded, the deal could have a material effect on the price of MTN’s securities. Shareholders have been advised to exercise caution when trading until further announcements are made.

Operational background and strategic context

MTN is already a major shareholder in IHS and has a long-standing operational relationship with the tower company across several African markets. Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements, including a significant South African transaction completed in 2022. These agreements allowed MTN to monetise capital intensive infrastructure while retaining long-term access to tower capacity under master lease contracts.

A full acquisition of IHS would reverse MTN’s long-standing tower-outsourcing strategy and bring the infrastructure assets back under direct control. MTN said that if the transaction does not proceed, it will continue to evaluate alternative options to unlock value from its investment in IHS, in line with its capital allocation framework.