MTN in talks to take full control of IHS Holdings with 75% stake acquisition

Leading African telecom operator MTN Group is in talks to acquire the remaining 75% stake in IHS Holdings. The move would see the telco take full control of the tower infrastructure company.

MTN disclosed this to investors on Thursday via a notice. The group said discussions with IHS are at an advanced stage, with a potential offer price close to the tower infrastructure company’s last trading price on the New York Stock Exchange as of February 4. 

The offer also follows recent market speculation about MTN’s intentions regarding IHS Holdings. Also, the telecom operator has in the past raised concerns about corporate governance at IHS Holdings. 

However, the telco told investors that no final agreement has been reached and that there’s no guarantee the offer will be considered by IHS.

In addition, the operator cautioned investors, noting that the deal could have a material effect on the price of MTN’s securities if completed. It advised shareholders to be strategic when trading until further announcements are made.

The group noted that if the transaction does not proceed, it will continue to explore alternatives to get value from its existing investment in IHS. It added that this proactive move is part of its commitment to ensure shareholders get the best return from their investment in MTN.

The stake acquisition comes at a time when IHS shares on the NYSE experienced a sharp rise over the past months.

Also Read: IHS Towers records $268m revenue in Nigeria in Q3 2025.

MTN and IHS Holdings’ relationship 

IHS Towers is one of the world’s largest independent tower companies that operates over 37,000 sites in Africa, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, and Latin America, such as Brazil and Colombia. IHS serves as a critical backbone for mobile connectivity in emerging markets.

MTN and IHS Towers have a long-standing commercial relationship. The telco currently serves as IHS’s largest customer across several African markets as well as a major shareholder.

Over the past decade, MTN has sold thousands of passive network sites to IHS under sale-and-leaseback arrangements. In Nigeria, IHS owns and manages 47% of the 39,880 towers as of December 2024, which is the largest according to NCC’s 2024 Year-End Performance Report.

MTN owns a minimal amount of its infrastructure (approx. 286 towers in 2023), preferring to lease from IHS Towers and American Tower Corporation (ATC). These deals allowed MTN to monetise capital-intensive infrastructure while retaining long-term access to tower capacity under master lease agreements.

Purchasing the remaining 75% stake of IHS would mark a significant strategic shift for the telecom operator. This will eradicate the tower-outsourcing model it has operated for years and bring the infrastructure business back under its full control.

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