MTN Group said on Thursday that it’s in advanced discussions to acquire the shares in IHS Holdings that it does not already own, a move that would see the mobile operator take control of the tower infrastructure business.
In a cautionary notice to investors, MTN – which has in the past raised concerns about corporate governance at IHS – said it is considering a transaction to buy the remaining 75% of IHS, following recent market speculation about its intentions regarding the New York Stock Exchange-listed company.
According to MTN, discussions with IHS are at an advanced stage, with a potential offer price “at a level near to the last trading price” of IHS shares on the NYSE as at 4 February 2025. MTN noted that IHS’s share price has risen sharply in recent months.
No final agreement has been reached, however, and MTN cautioned that there is no certainty the transaction will be concluded. If completed, the deal could have a material effect on the price of MTN’s securities, the group said, advising shareholders to exercise caution when trading until further announcements are made.
MTN is already a major shareholder in IHS and has a longstanding operational relationship with the tower company across multiple African markets. Over the past decade, MTN has sold thousands of passive network sites to IHS under sale-and-leaseback arrangements, including a major South African transaction in 2022. These deals allowed MTN to monetise capital-intensive infrastructure while retaining long-term access to tower capacity under master lease agreements.
Strategic shift
A full buyout of IHS would mark a significant strategic shift for MTN, effectively reversing the tower-outsourcing model it has pursued for years and bringing the infrastructure business back under direct control.
MTN said that if the transaction does not proceed, it will continue to explore alternative options to unlock value from its investment in IHS, in line with its disciplined capital allocation framework.
Read: South Africa’s telecoms sector enters a new growth phase
IHS Towers, one of the world’s largest independent tower companies, operates thousands of sites across Africa and elsewhere in the world. It counts MTN as its largest customer. – © 2026 NewsCentral Media
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