MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to acquire the remaining 75% stake it does not own in IHS Holding Limited, aiming to gain full control of one of the world’s largest independent telecommunications tower companies.
In a cautionary notice to investors, MTN confirmed it is evaluating a potential transaction to buy out minority shareholders of the New York Stock Exchange-listed IHS, which would mark a significant strategic shift by bringing critical infrastructure assets back under its direct ownership.
Okay News reports that MTN stated any potential offer would be “at a level near to the last trading price” of IHS shares as of February 4, 2025, though no binding agreement has been reached and the outcome remains uncertain.
The telecom giant already holds a significant minority stake in IHS and has a deep operational relationship, having sold thousands of its towers to the company over the past decade through sale-and-leaseback deals to unlock capital while retaining network access.
A full acquisition would effectively reverse years of MTN’s infrastructure outsourcing strategy, consolidating control over a vast network of more than 37,000 towers across Africa and Latin America.
The move highlights evolving dynamics in the telecom infrastructure sector, as operators reassess the balance between owning and leasing critical assets amid rising data demand and economic pressures, with MTN noting it will explore other value-unlocking avenues if the current talks do not lead to a deal.
Founded in 2001 with an initial focus on Nigeria, IHS Towers is headquartered in London and went public on the NYSE in 2021, with MTN as its largest customer.
The potential buyout underscores MTN’s strategic focus on strengthening its infrastructure portfolio, though the company has urged shareholders to exercise caution when trading its stock until further announcements are made regarding the material impact of any concluded transaction.
