MTN Group, largest mobile network operator in Africa, has proposed $2.2 billion acquisition of IHS Towers, one of the continent's most extensive tower portfolios owning about 29,000 telecom towers across Africa. The deal, if approved, will grant MTN Group full ownership control of IHS.
However, Nigeria’s Ministry of Communications, Innovation, and Digital Economy, under the leadership of Minister Bosun Tijani said his Ministry would review the proposed deal in collaboration with relevant regulators to ensure that the deal serves its purpose to national security, financial services, and overall economic growth.
FOR IMMEDIATE RELEASE
— Dr. 'Bosun Tijani (@bosuntijani) February 17, 2026
Statement on the Acuisition of IHS Towers by MTN Group
The Federal Ministry of Communications, Innovation and Digital Economy notes recent developments in the Nigerian telecommunications sector regarding the acquisition of IHS Towers by MTN Group.
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“Our objective is clear: to ensure that any market consolidation or structural changes protect consumers, safeguard investments, and preserve the long-term sustainability of the sector,” Minister Bosun Tijani explained.
The ministry’s intervention on the deal highlights how delicate infrastructure consolidation has become within Nigeria’s still-recovering telecom sector.
Following prolonged currency instability, escalating tower rental fees, and mounting debt burdens that have squeezed both network operators and tower providers, authorities and regulators are now balancing investor confidence with competition, consumer protection, and national interest.
MTN-IHS Acquisition Cash Merger Deal
IHS Towers has accepted an offer of $8.50 per share. This transaction will boost MTN’s stake to 100% and result in IHS being taken private. In addition to that, IHS will be delisted from the New York Stock Exchange. According to IHS, the deal values the company at approximately $6.2 billion.
Notably, MTN already owns about 24.7% of IHS which it separated from its telecom assets to unlock capital and reduce capital intensity. Now, through this acquisition, MTN aims to reintegrate those assets back under one control, eliminating the tower leasing margins it currently pays to IHS and positioning itself to directly benefit from any future growth in third-party revenue.
However, it's important to note that the what MTN is proposing is subjected to shareholder and regulatory approvals. Minister Bosun Tijani said his Ministry would undertake a “thorough assessment” of the transaction in collaboration with relevant regulators. NCC will also need to review and give final approval.
In addition to that, Long-time IHS investor Wendel has formally expressed its support for the deal, confirming it will vote in favour of the transaction and will receive full cash liquidity once the sale is completed. Together with Wendel’s support and MTN’s existing voting rights, approximately 40% of the two-thirds shareholder approval required to complete the transaction is effectively already secured.
IHS's shares dropped to $8.16 on Tuesday evening, February 17, 2026, after the announcement of the proposed deal was made. The proposed $8.50 per share bid in the MTN transaction reflects a 9.7% premium over IHS’s 30-day volume-weighted average share price as of 4 February 2026. That was the final trading session before MTN issued its cautionary statement.
MTN intends to finance the $2.2 billion acquisition using roughly $1.1 billion in cash already held on IHS’s balance sheet, supplemented by existing liquidity and additional debt at the group level. The company emphasized that it does not plan to issue new equity to support the deal, though it acknowledged the funding mix could temporarily raise leverage. Despite this, MTN anticipates the transaction will have a positive impact on both net income and cash flow.
How Leaders View the Transaction
Minister Bosun Tijani said that the Nigeria’s Ministry of Communications, Innovation, and Digital Economy's priority is to ensure any consolidation or structural shift in the market is completed for the benefits of consumers, protects investor interests, and supports the telecom sector’s long-term stability.
MTN Group President and CEO, Ralph Mupita, described the deal as a transaction that'll reinforce the company’s strategic and financial footing. Ralph also emphasized that the deal will position the group to thrive in a future where digital infrastructure plays an increasingly critical role in Africa’s economic advancement.
IHS Chairman and CEO, Sam Darwish, noted that the transaction builds on the companies’ long-standing relationship, bringing together Africa’s largest mobile network operator with one of its leading digital infrastructure providers, and reaffirming IHS Towers’ deep-rooted commitment to the continent.
Details about IHS Towers
IHS Towers is one of the largest independent owners, operators, and developers of shared telecommunications infrastructure in emerging markets. The company, founded in 2001 and headquartered in London, has roughly 29,000 high-quality towers serving multiple mobile network operators in five key MTN markets.
The company builds and manages telecom towers that mobile network operators use to deliver voice and data services. Its core business model revolves around tower sharing and leasing space on the same tower to multiple operators. These business models help the company to reduce costs, improve coverage, and accelerate network expansion in both urban and rural regions.
Over the years, IHS Towers has expanded through acquisitions and long-term partnerships with major mobile operators, and these growth strategies have positioned the company as a critical enabler of digital connectivity.
However, it's important to know that IHS don't own network towers alone, the company also provides power management, maintenance, and site security services to companies, solutions that support operations in challenging environments where reliable electricity and infrastructure can be limited.
Notably, this MTN-IHS deal comes after IHS announced the sale of its Latin American assets earlier in February 2026. Once those sales are completed, MTN plans to acquire all of IHS’s remaining operations, which are mainly concentrated in Africa. If the transaction receives approval, it would establish the largest integrated telecom tower platform on the continent under MTN’s ownership.
