MTN Group in Talks to Acquire 75% of IHS Towers in Major Infrastructure Deal

MTN Group, Africa’s largest telecommunications company, has applied to the Johannesburg Stock Exchange (JSE) for approval to acquire a majority stake in IHS Towers, the continent’s biggest independent owner and operator of shared telecommunications infrastructure.

In a letter to investors on Thursday morning, seen by TechCabal, MTN disclosed that it is in advanced discussions to acquire 75% of IHS Towers’ shares—a move that would make the telco the company’s majority shareholder.

MTN cautioned that discussions are still ongoing and that no binding agreement has been reached.

“No final agreement has been reached, and there is no certainty of the transaction concluding,” the company said.
“The transaction, if concluded, may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until further announcement is made.”

Founded in Nigeria in 2001, IHS Towers has grown from a local startup into one of the world’s largest independent tower companies, operating approximately 40,000 towers across Africa, Latin America, and the Middle East.

The company is listed on the New York Stock Exchange and has recorded a financial rebound in recent quarters, with a market capitalisation of about $2.76 billion. As of Thursday, February 5, 2026, IHS shares were trading at $8.23.

Strategic shift for MTN

The proposed acquisition marks a major strategic shift for MTN. Like many mobile network operators, MTN has historically relied on independent tower companies such as IHS to host its network equipment under long-term lease arrangements.

IHS’s neutral-host model—where multiple operators co-locate on shared infrastructure—has helped telecom operators reduce capital expenditure and accelerate network expansion across emerging markets.

By seeking majority ownership of IHS Towers, MTN signals a move to regain direct control over critical network infrastructure. Analysts say this could lower long-term operating costs, improve rollout efficiency, and strengthen MTN’s competitive position across its footprint.

The deal would be particularly significant in Nigeria, IHS’s largest market, which accounted for nearly 59% of the tower company’s Q3 2025 revenue. A successful acquisition would further consolidate MTN’s dominance in its most strategic and revenue-critical market.