JOHANNESBURG / LAGOS — In a historic consolidation of Africa’s digital infrastructure, MTN Group has reached a formal agreement to acquire the remaining 75% stake in IHS Towers that it does not already own. The all-cash transaction values the tower operator at an enterprise value of approximately $6.2 billion.
The deal, announced on Tuesday, February 17, 2026, will see IHS Towers delisted from the New York Stock Exchange (NYSE) and become a wholly-owned subsidiary of MTN.
The Financial Breakdown Under the terms of the merger, IHS shareholders will receive $8.50 per share in cash. This represents a 36% premium over the 52-week average price. The acquisition will be funded through a combination of:
- $1.1 billion in cash from MTN’s liquidity.
- $1.1 billion in cash already on IHS’s balance sheet.
- The rollover of MTN’s existing 24.7% stake and existing IHS debt.
Strategic Reversal: Why Now? For the past decade, African telcos followed an “asset-light” strategy, selling towers to companies like IHS to save costs. However, with the surge in data demand and the rollout of 5G, MTN CEO Ralph Mupita stated that direct ownership is now a “pivotal step” for long-term growth.
“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress,” Mupita said. By owning the towers, MTN can internalize profit margins previously paid as rent and have direct power over the infrastructure that runs its 4G and 5G networks.
Impact on Nigeria Nigeria is the largest market for both companies. The Federal Ministry of Communications, Innovation and Digital Economy, led by Dr. Bosun Tijani, has already confirmed it is conducting a “thorough assessment” of the deal. The government aims to ensure that this market consolidation protects consumers and preserves the stability of the telecommunications sector.
Next Steps The deal is expected to close later in 2026. It is currently subject to regulatory approvals in various jurisdictions and a vote by IHS shareholders. Currently, over 40% of shareholder support is already secured, including backing from long-term investor Wendel.