MTN Group has announced plans to acquire the remaining shares in IHS Towers that it does not already own, in a transaction that would see Africa’s largest mobile operator take the tower company private at a price of US$8.50 per share.

The board of IHS has accepted the offer, which values the outstanding shares at approximately US$2.2 billion. MTN, which currently holds about 24.7% of IHS, intends to increase its shareholding to 100% through a cash merger. The deal is subject to shareholder and regulatory approvals, as well as the delisting of IHS from the New York Stock Exchange (NYSE).

The transaction follows discussions first disclosed on 5 February 2026 and comes after IHS announced the disposal of its Latin American operations earlier this month. Once those disposals are completed, MTN will acquire 100% of IHS’s remaining business, which comprises nearly 29,000 towers across Africa serving multiple mobile network operators in five key MTN markets.

Under the terms of the agreement, IHS shareholders will receive US$8.50 per share in cash, representing a 9.7% premium to the 30-day volume-weighted average price as of 4 February 2026, the last trading day before MTN’s cautionary announcement.

Long-term shareholder Wendel has provided a letter of support to vote in favour of the deal and will receive full liquidity upon closing. With Wendel and certain affiliates backing the transaction, along with MTN’s voting rights, approximately 40% of the required two-thirds shareholder approval has already been secured.

IHS is one of the world’s largest independent tower companies and the largest standalone and integrated tower operator in Africa. The proposed acquisition would reintegrate critical digital infrastructure assets into MTN’s portfolio.

MTN Group President and CEO Ralph Mupita described the transaction as “a pivotal step” in strengthening the company’s strategic and financial position.

“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,” Mupita said, adding that digital infrastructure would play an increasingly essential role in Africa’s growth and development.

For MTN, the reintegration is expected to internalise tower margins currently paid to IHS, improve cost predictability, and unlock incremental third-party revenue opportunities. The company said the deal is forecast to be accretive to net income and cash flow over time.

IHS Chairman and CEO Sam Darwish said the deal deepens a longstanding partnership between the two companies and underscores IHS’s connection to the African continent.

The transaction will be funded through a combination of approximately US$1.1 billion in cash currently on IHS’s balance sheet, available liquidity, and debt at MTN. No new equity issuance will be required at the MTN Group level, though the deal will result in a short-term increase in leverage.

MTN emphasised that it remains committed to disciplined capital allocation, including ongoing shareholder remuneration.

The transaction remains subject to IHS shareholder approval, regulatory clearances in relevant jurisdictions, and customary closing conditions.