MTN Group Limited said on Tuesday it had agreed to acquire IHS Towers in an all-cash transaction valuing the Africa-focused telecoms infrastructure firm at about $6.2 billion, in one of the largest digital infrastructure deals on the continent.
MTN will pay $8.50 per share for IHS Towers, the companies said, representing a premium of around 36% to the tower firm’s 52-week volume-weighted average price and about 3% to its unaffected closing price on Feb. 4, 2026. The offer also marks a 239% premium to IHS Towers’ share price when it announced a strategic review in March 2024.
IHS Towers’ board has unanimously approved the transaction and recommended it to shareholders. MTN, which already owns about 24% of IHS Towers on a fully diluted basis, has agreed to vote all its shares in favour of the deal. Long-term shareholder Wendel has also pledged its support, securing backing from more than 40% of shareholders.
Upon completion, IHS Towers will be delisted from the New York Stock Exchange and become a wholly owned subsidiary of MTN.
“This transaction provides certainty and immediate returns for our shareholders,” IHS Towers Chairman and Chief Executive Sam Darwish said, adding that it deepens the company’s long-standing partnership with MTN and strengthens its African focus.
MTN Group Chief Executive Ralph Mupita said the deal would allow the operator to regain ownership of critical network infrastructure as demand for digital connectivity across Africa continues to rise.
The transaction is expected to close in 2026, subject to shareholder and regulatory approvals.
MTN said the acquisition would be funded through the rollover of its existing stake in IHS Towers, about $1.1 billion in cash from MTN, roughly $1.1 billion from IHS Towers’ balance sheet and the rollover of existing debt. IHS Towers will also be required to maintain a minimum cash balance of $355 million at closing.
IHS Towers owns and operates more than 37,000 telecommunications towers across seven markets, including Nigeria, South Africa, Brazil and Zambia.
Advisers on the deal include J.P. Morgan for IHS Towers and BofA Securities and Citigroup Global Markets Limited for MTN.