MTN Group, Africa’s largest mobile network operator, confirmed on Thursday it has entered advanced discussions to acquire the remaining 75 percent stake in IHS Holdings that it does not already own, in a transaction that could value the tower infrastructure company at approximately $2.76 billion.
The South African telecommunications giant issued a cautionary notice to investors following market speculation about its intentions regarding the New York Stock Exchange (NYSE) listed company. MTN stated that any potential offer would be pitched near the last trading price of IHS shares on the NYSE as of Wednesday, February 4, 2026.
IHS Holdings shares closed at $8.23 on Wednesday, representing a 5 percent decline, according to market data. The company, which is dual listed on the NYSE and the Frankfurt Stock Exchange, operates more than 37,000 telecommunications towers across seven countries in Africa, including Nigeria, South Africa, Cameroon, Côte d’Ivoire and Zambia, as well as operations in Brazil and Colombia.
MTN emphasized that no final agreement has been reached and warned there is no certainty the transaction will be concluded. The company advised shareholders to exercise caution when trading its securities until further announcements are made, noting that the proposed transaction could have a material effect on MTN share prices.
IHS Towers confirmed the discussions are ongoing with MTN but stressed the approach is non-binding and has not been agreed, signaling early stage strategic dialogue that could reshape the company’s ownership structure.
The potential acquisition represents a significant strategic shift for MTN, which has pursued an asset light infrastructure strategy over the past decade. The telecommunications operator has sold thousands of passive network sites to IHS through sale and leaseback arrangements, including a major transaction in South Africa in 2022 involving more than 5,700 towers. These deals enabled MTN to monetize capital intensive infrastructure while retaining long term access to tower capacity under master lease agreements.
If completed, the buyout would reverse years of infrastructure outsourcing by bringing tower assets back under MTN’s direct control. Greater ownership of tower infrastructure could help MTN manage costs, improve network efficiency and reduce its reliance on third party providers over the long term.
MTN and IHS Towers maintain a longstanding commercial relationship across multiple African markets, with MTN serving as IHS’s largest customer and a major shareholder. MTN’s approximately 25 percent holding in IHS stems from its 2014 tower sale deal, when the operator sold most of its tower assets across several African markets to IHS as part of a landmark infrastructure transaction.
The company stated that if negotiations do not result in a deal, it would consider alternative options to unlock value from its existing shareholding in IHS while staying within its capital allocation framework. MTN has previously raised concerns about corporate governance at IHS, adding context to its cautious tone in the latest announcement.
IHS Towers, founded in Nigeria in 2001, has grown into one of the world’s largest independent tower companies. The London headquartered firm went public on the NYSE in 2021 and manages telecommunications infrastructure across emerging markets in Africa, Latin America and the Middle East.
