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MTN Group has said that it is in discussions to acquire the approximately 75 per cent stake in IHS Holding Limited that it does not already own.
This initiative could give the telecoms firm full control of one of the leading independent tower infrastructure companies worldwide.
MTN confirmed on Thursday that it is considering a potential transaction to buy the remaining shares of the New York Stock Exchange, following recent market speculation about its investment in the company.
MTN said any offer, if made, would likely be priced “at a level near the last trading price” of IHS shares on the NYSE as of February 4, 2025.
The company stressed that no binding agreement has been reached and warned that there is no certainty that the discussions will result in a completed transaction.
MTN added that the outcome of the talks could have a material impact on its share price, advising shareholders to exercise caution when trading in the company’s securities until further announcements are made.
If concluded, the deal would represent a significant strategic shift for MTN, effectively bringing tower infrastructure back under its direct control after more than a decade of outsourcing passive network assets to specialist tower operators such as IHS.
MTN already holds a substantial minority stake in IHS and maintains a deep operational relationship with the company across several African markets.
Over the years, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements designed to unlock capital tied up in infrastructure while preserving long-term access to towers under master lease agreements.
One of the largest of such transactions occurred in South Africa in 2022, when MTN sold more than 5,700 towers to IHS. Similar deals have been executed in other markets, reinforcing IHS’s position as a critical infrastructure partner to MTN and other mobile network operators.
A full buyout would mark a reversal of that strategy, potentially allowing MTN to internalise tower economics at a time when operators are under pressure to improve margins and manage rising operating costs, including power and foreign exchange challenges in key African markets.
MTN said that if the proposed transaction does not proceed, it would continue to explore options to unlock value from its investment in IHS, in line with its disciplined approach to capital allocation.
Founded in 2001 by Sam Darwish, IHS Towers began as a Nigeria-focused tower company before expanding into a global shared infrastructure platform.
