MTN Group, Africa’s largest mobile network operator, has confirmed it is in advanced discussions to buy the remaining ~75 % stake in IHS Holding Limited (IHS Towers) that it doesn’t already own, a deal that would give the South African telecom giant full ownership of one of the world’s leading independent tower infrastructure companies.
In a cautionary announcement to investors on February 5, MTN said it is evaluating a proposed offer to acquire minority shares in the New York Stock Exchange-listed IHS, with the potential price expected to be near the towers operator’s last trading value.
No binding agreement has been finalised, and MTN stressed there is no certainty the transaction will be completed.
MTN already holds a significant minority stake in IHS and has a longstanding operational partnership across multiple African markets.
Over the past decade, the telecom operator has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements, including a major portfolio of more than 5,700 towers in South Africa. These deals helped MTN unlock capital tied up in infrastructure while retaining long-term access via master lease agreements.
A successful acquisition would represent a strategic pivot for MTN, effectively bringing tower infrastructure back in-house after years of outsourcing to specialised tower companies. Industry analysts say this could help MTN strengthen network control, reduce long-term leasing costs, and better position itself for accelerating data demand and future 5G rollout efforts.
However, MTN has advised shareholders to exercise caution in trading its securities while discussions are ongoing, warning that any deal could materially impact its share price. If negotiations don’t lead to a transaction, the group said it will continue exploring options to unlock value from its existing IHS investment within its disciplined capital allocation framework.
IHS Towers, founded in Nigeria in 2001, has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure, managing tens of thousands of towers across Africa, Latin America and the Middle East, with MTN as a critical anchor customer.
