MTN one step closer to sealing R101 billion deal

MTN is one step closer to concluding its deal to acquire all of the shares in IHS Holdings that it does not already own in a deal that values the towers business at $6.2 billion (R101.42 billion).

IHS shareholders have approved the deal, putting MTN closer to concluding a deal that has been in the works for a year.

On Wednesday, 5 August, MTN informed shareholders that IHS held its extraordinary general meeting (EGM) on 4 August.

At its EGM, IHS shareholders approved MTN’s transaction via a special resolution, fulfilling one of the conditions needed to conclude this deal.

“The approval by IHS shareholders is an important step toward completion of the Transaction,” said MTN CEO Ralph Mupita. 

“Within our Ambition 2030, the three-platform strategy, towers are a critical value-creation driver that will strengthen MTN’s strategic and financial position for the future.” 

Mupita said this deal is especially important in a world where digital infrastructure and AI are becoming increasingly essential to Africa’s growth and development.

Some conditions needed to seal the deal remain outstanding, though MTN said the process of obtaining the necessary approvals is ongoing.

While MTN only announced its intention to acquire the remaining shares in IHS in February 2026, the two companies have been in partnership since 2012.

Their relationship started when MTN began outsourcing its passive infrastructure, specifically its cell towers, to cut operational costs and focus more on its core telecom services.

In 2012 and 2013, MTN sold 1,729 of its portfolio towers to IHS in both Côte d’Ivoire (911 towers) and Cameroon (818 towers).

The sale was made in exchange for minority equity in IHS and long-term lease agreements. In the years to follow, MTN expanded its tower transfer agreement across Zambia, Rwanda, and Nigeria.

Over the course of 2014 and 2015, MTN’s stake in IHS Towers increased to 24.7%.

In 2021, when IHS listed on the New York Stock Exchange, MTN retained its position as the company’s largest shareholder.

That same year, MTN South Africa entered into a deal to sell 5,701 of its passive tower sites to IHS for R6.4 billion.

This deal closed in 2022, and IHS entered the South African market as the country’s dominant independent tower operator.

Despite some boardroom friction at IHS in 2023, MTN renewed its Master Lease Agreements with the company in 2024 across some of its key markets.

In February 2026, MTN announced its intention to acquire all the remaining shares in IHS at $8.50 (R139.01) a share, which values the company at $6.2 billion (R101.42 billion).

This deal will see IHS divest from its non-African assets in Latin America and Kuwait, while MTN will reintegrate its remaining 29,000 African towers.

Now, with IHS shareholder approval secured, MTN is one step closer to concluding this deal.