MTN Advances $6.2bn Tower Deal After IHS Investors’ Approval

MTN Group has moved closer to completing its proposed $6.2 billion acquisition of IHS Holding Limited after shareholders of the telecommunications infrastructure company approved the transaction at an Extraordinary General Meeting (EGM).

The shareholders’ approval clears one of the final hurdles for the all-cash deal, which was first announced in February 2026. However, the acquisition remains subject to usual regulatory approvals and other closing conditions before it can be finalized.

Once completed, the deal will see MTN acquire the remaining shares in IHS Holding Limited, uniting Africa’s largest mobile network operator with one of the continent’s biggest independent telecommunications infrastructure providers.

Commenting on the development, MTN Group President and CEO Ralph Mupita said the shareholder vote is a major step toward building a stronger digital infrastructure business across Africa.

“The overwhelming support from IHS shareholders marks a significant milestone in the transaction process. We look forward to completing the deal, subject to the remaining regulatory approvals and customary closing conditions,” Mupita said.

He added that the acquisition aligns with the company’s long-term growth plans.

“Towers are a key driver of value that will strengthen MTN’s strategic and financial position for the future. This deal is fully aligned with our Ambition 2030 strategy, where digital infrastructure plays a central role in ensuring connectivity, supporting the rising demand for digital services and artificial intelligence, and creating long-term value for our stakeholders,” he explained.

Under the deal announced in February 2026, MTN agreed to pay $8.50 per share in cash for about 75% of IHS it does not already own, valuing the tower company at an enterprise value of around $6.2 billion.

This acquisition marks a strategic shift for MTN, reversing a previous industry trend in which mobile network operators sold their tower assets to independent infrastructure companies and then leased them back to reduce capital costs. By gaining full ownership of IHS Tower, MTN expects to gain greater control over vital network infrastructure, lower long-term leasing costs, and speed up investments in next-generation connectivity.

Industry analysts believe this move will further strengthen MTN’s position as demand for high-speed broadband, cloud computing, AI applications, and digital services continues to surge across Africa.

Meanwhile, IHS Towers, founded in Nigeria in 2001, has grown into one of the world’s largest independent owners and operators of shared telecom infrastructure, with operations throughout Africa and Latin America. The company manages tens of thousands of towers and counts MTN, Airtel, Orange, and several other mobile operators as clients.

Earlier, the proposed acquisition was announced in February 2026 after MTN agreed to buy the remaining shares of IHS in an all-cash deal worth about $6.2 billion. The deal is part of MTN’s Ambition 2030 strategy, which aims to increase investments in digital infrastructure to expand connectivity, support AI, cloud services, and digital financial solutions across its markets.

Once the deal is finalised and regulatory approvals are obtained, it will rank among the biggest mergers in Africa’s telecom sector, likely reshaping the continent’s telecom infrastructure by combining one of Africa’s largest mobile operators with a leading tower company.