Africa’s largest mobile operator is buying back its tower infrastructure in a deal that would consolidate approximately 29,000 towers under one roof.
MTN Group announced on 17 February 2026 that the IHS Towers board had accepted its $8.50-per-share offer, which would increase MTN’s shareholding from 24.7% to 100%. The transaction is valued at approximately $2.2 billion for the shares MTN does not already own.
IHS Towers is one of the world’s largest independent tower companies, operating across five of MTN’s key African markets, including Nigeria, where MTN has reaffirmed its long-term commitment and invested in 5G spectrum.
How the deal is funded
MTN plans to draw $1.1 billion from IHS’s own balance sheet, with the remainder funded through existing liquidity and debt facilities. The company said no new equity would be issued at group level.
The $8.50 per share offer represents a 9.7% premium above the 30-day volume-weighted average price as of 4 February 2026. The deal follows IHS’s disposal of its Latin American assets, completed between 11 and 17 February.
Bringing towers back in-house
Ralph Mupita, MTN Group president and CEO, described the transaction as an opportunity to “buy back our towers,” adding that it “strengthens MTN Group’s strategic and financial position.”
By reintegrating its tower assets, MTN expects to internalise margins currently paid to IHS, gain access to third-party tower revenue, and improve cost predictability. The company said the deal would be accretive to net income and cash flow.
Sam Dawish, IHS chairman, said the acquisition “deepens our long-standing partnership,” combining Africa’s largest mobile operator with a major infrastructure platform.
Conditions and timeline
The transaction requires both IHS shareholder approval and regulatory clearance in the markets where the towers operate. Wendel, a long-term IHS shareholder, has provided a letter of support, and MTN said it has already secured approximately 40% of shareholder backing.
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