MTN-IHS Towers Deal: Regulators Demand Fair Access As $2.2bn Takeover Advances

MTN announced in February 2026 that it had agreed to acquire the approximately 75% of IHS Towers it did not already own, taking its stake to 100%. The transaction values the remaining acquisition at about $2.2 billion, while IHS has an enterprise value of approximately $6.2 billion.

The latest regulatory development in South Africa requires safeguards around access to IHS infrastructure. 

The conditions are aimed at ensuring that competing mobile operators continue to receive fair and non-discriminatory access to towers that MTN will ultimately own while MTN itself remains a major customer and competitor in the market.

Nigeria Angle
Nigeria has already been central to the regulatory process.

The Federal Competition and Consumer Protection Commission (FCCPC) granted conditional approval for the transaction, requiring MTN to sell down up to 30% of the Nigerian component of the IHS business to local investors at market prices over time.

The Nigerian Communications Commission (NCC) also granted an Approval-in-Principle for the acquisition of IHS’s Nigerian business, subject to safeguards covering areas including corporate governance, existing commercial contracts, market access and future investment.

The regulatory conditions reflect the significance of IHS Towers to Nigeria's telecom ecosystem.

IHS operates thousands of communications sites across Africa and provides shared infrastructure used by multiple mobile network operators.

Why It Matters
The deal could significantly reshape the ownership structure of Africa's telecom infrastructure market.

For MTN, bringing IHS fully into the group would give it greater control over infrastructure supporting network expansion while allowing it to internalise margins currently paid to the tower company. MTN has also said the transaction is intended to strengthen its ownership of critical digital infrastructure across Africa.

For competing operators and regulators, however, the key issue is maintaining open, fair and non-discriminatory access to infrastructure that serves multiple telecom players.

The transaction remains subject to the applicable closing conditions and regulatory approvals.