by NIyi Jacobs
MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to acquire the remaining 75% stake in IHS Holding Limited that it does not already own, a move that would give the South African telecom giant full control of one of the world’s largest independent tower companies.
In a statement to investors on Thursday, MTN confirmed it is evaluating a potential transaction to buy out minority shareholders of the New York Stock Exchange-listed IHS, amid growing market speculation.
The company noted that any potential offer would likely be close to the last trading price of IHS shares on February 4, 2025, but stressed that no binding agreement has been reached, and there is no guarantee the discussions will result in a completed deal.
MTN warned that if the acquisition goes ahead, it could materially impact its share price and advised shareholders to exercise caution in trading until further announcements are made.
MTN already holds a significant minority stake in IHS and maintains a deep operational relationship with the tower company across several African markets. Over the past decade, MTN has sold thousands of towers to IHS through sale-and-leaseback arrangements, including a major 2022 transaction in South Africa involving more than 5,700 towers. These deals allowed MTN to unlock capital tied up in infrastructure while retaining long-term access under master lease agreements.
A full acquisition would mark a strategic shift, effectively reversing years of infrastructure outsourcing and bringing IHS tower assets under direct MTN control.
The move also addresses MTN’s longstanding corporate governance concerns with IHS, highlighting the company’s cautious approach to the potential buyout.
About IHS Holdings
Founded in 2001 by Sam Darwish with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecom infrastructure. The company manages over 37,000 towers across seven African markets—including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia—as well as Latin American markets such as Brazil and Colombia. MTN remains IHS’s largest customer.
Market analysts say the potential buyout reflects shifting dynamics in Africa’s telecom sector, as operators weigh the benefits of owning versus leasing critical network infrastructure in the face of rising data demand and tightening economic conditions.
MTN added that if the deal does not materialize, it will continue to explore other avenues to maximize value from its IHS investment, in line with its disciplined capital allocation strategy.
