MTN Group proposes $6.2 billion buy-out of IHS Towers

MTN Group proposes a $6.2 billion buy-out of IHS Towers, which will give the telecom company 100% of IHS''s shares.

MTN Group, Africa’s largest mobile operator, has announced a proposed all-cash acquisition of IHS Towers, one of the continent’s largest owners of telecom infrastructure. The deal would see MTN acquire 100% of IHS’s shares and take the company private.

Under the terms of the agreement, IHS shareholders will receive $8.50 per share in cash, representing a significant premium over recent trading levels. The offer values the transaction at about $6.2 billion.

MTN already owns roughly 25% of IHS, but the proposed deal would give it full ownership. Once complete, IHS would be delisted from the New York Stock Exchange and would operate as a wholly owned subsidiary of MTN.

The telecommunications giant will pay $2.2 billion in an all-cash deal to acquire the remaining 75% of IHS it doesn’t already own; MTN Group will source $1.1 billion through available liquidity and debt, while the other $1.1 billion will be from cash on IHS’s balance sheet.

By reacquiring the towers, MTN says it can save money because it will no longer have to pay rent or fees to an outside company in exchange for the use of the towers. The telecom company says it will also have direct power over the infrastructure that runs its network.

“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation states in which we operate,” MTN Group President and CEO Ralph Mupita said.

Owning the physical towers also makes it easier to expand 4G and 5G services across the continent.

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IHS Towers currently manages nearly 29,000 towers across Africa. Although this deal focuses specifically on its African operations, IHS is currently selling off some of its towers and even exiting some markets. The tower company’s profit took a hit in H2 2025.

Commenting on the deal, IHS Chairman and CEO Sam Dawish said, “The proposed transaction deepens our long-standing partners...