MTN Group's $2.2 Billion IHS Towers Acquisition, Africa's Biggest Telecoms Infrastructure Play

Africa's largest mobile operator is reclaiming control of its tower backbone in a landmark deal that would bring roughly 29,000 towers under direct MTN ownership.

For years, Africa's telecom giants have relied on independent tower companies to host their network infrastructure, a model built on outsourcing to cut costs and unlock capital. Now, MTN Group is turning that playbook on its head.

On 17 February 2026, MTN Group announced that the board of IHS Towers had accepted its buyout offer of $8.50 per share, a move that would take MTN's existing 24.7% stake all the way to full ownership. The total value of the transaction, covering only the shares MTN doesn't already hold, comes in at approximately $2.2 billion.

It's not just a financial transaction. It's a statement of intent from a company that wants direct control over the infrastructure powering its networks across some of Africa's most important markets.

Why IHS Towers Matters

IHS Towers isn't just any infrastructure company. It ranks among the largest independent tower operators globally, with a significant footprint spanning five of MTN's core African markets. Nigeria sits at the centre of that footprint, and notably, MTN has recently doubled down on its Nigerian ambitions, reaffirming long-term commitment and backing that with fresh 5G spectrum investment.

Owning the towers that carry that 5G signal, rather than leasing them from a third party, changes the economics of that bet considerably.

How MTN Plans to Pay for It

The financing structure is notably self-contained. MTN intends to draw $1.1 billion directly from IHS's own balance sheet, essentially using the target company's cash to help fund the acquisition. The remaining balance will be covered through existing liquidity and debt facilities.

Crucially, MTN has confirmed that no new equity will be issued at the group level, meaning existing shareholders won't face dilution.

The $8.50 per-share price represents a 9.7% premium over IHS's 30-day volume-weighted average price as of 4 February 2026.

The timing is also deliberate; IHS had just completed the disposal of its Latin American assets between 11 and 17 February, streamlining the business ahead of the deal.

Margins, Revenue, and Predictability

MTN Group president and CEO Ralph Mupita framed the deal in direct terms, describing it as a chance to buy back our towers and arguing that it strengthens MTN Group's strategic and financial position.

The logic is straightforward. By bringing tower operations in-house, MTN stands to capture margins it currently pays out to IHS, tap into third-party tower revenue streams, and gain far greater visibility over its infrastructure costs. 

The company has stated the deal will be accretive to both net income and cash flow, a critical signal for investors watching MTN's profitability trajectory.

IHS chairman Sam Dawish echoed the constructive framing, saying the acquisition deepens our long-standing partnership by merging a dominant mobile operator with a major infrastructure platform.

Read More: MTN Moves to Reclaim Tower Assets with Potential IHS Buyout Deal

What Comes Next

The deal is not yet a done deal. It still requires IHS shareholder approval and regulatory sign-off across all relevant markets, a process that could take several months depending on the jurisdictions involved.

That said, early momentum is encouraging. Wendel, a long-standing IHS shareholder, has already issued a letter of support, and MTN reports it has secured backing from approximately 40% of shareholders, a meaningful early threshold that reduces execution risk considerably.

MTN's move reflects a broader shift in how Africa's leading telecom players are thinking about infrastructure ownership. As competition intensifies, 5G rollouts accelerate, and pressure on margins grows, controlling the physical backbone of your network is increasingly seen as a strategic necessity rather than an optional luxury.

For MTN, bringing 29,000 towers back under its roof isn't just an acquisition; it's a long-term bet on owning the foundation of Africa's digital future.