MTN Group in Talks to Acquire 75% of IHS Towers in Landmark Deal

By Frank Adeche | February 5, 2026

MTN Group, Africa’s largest telecommunications company, has applied to the Johannesburg Stock Exchange (JSE) for approval to acquire a controlling stake in IHS Towers, the continent’s biggest independent operator of shared communications infrastructure. If completed, the deal would mark one of the most significant infrastructure acquisitions in MTN’s history.

The telco confirmed in a letter to investors that it is in advanced negotiations to purchase the remaining 75% stake in IHS Towers, which would make MTN the majority shareholder. However, the company cautioned that “no final agreement has been reached, and there is no certainty of the transaction concluding.” It further advised shareholders to exercise caution in trading its securities until further announcements are made.

IHS Towers: From Nigerian Startup to Global Player

Founded in Nigeria in 2001, IHS Towers has grown into one of the world’s largest independent tower operators, managing approximately 40,000 towers across Africa, Latin America, and the Middle East. Listed on the New York Stock Exchange, IHS has recently rebounded financially, boasting a market capitalization of $2.76 billion and a share price of $8.23 as of February 5, 2026.

Strategic Importance for MTN

For years, MTN and other telecom operators have relied on third-party tower companies like IHS to host their network equipment. IHS’s neutral-host model—allowing multiple operators to co-locate on towers under long-term lease agreements—has been instrumental in reducing capital expenditure across emerging markets.

By moving to acquire IHS, MTN signals a strategic shift: reclaiming direct control over critical infrastructure. This could:

• Lower long-term operating costs.
• Accelerate service rollout efficiency.
• Strengthen MTN’s competitive position across its markets.

Nigeria, IHS’s largest market, accounted for nearly 59% of its Q3 2025 revenue. Securing majority ownership would therefore consolidate MTN’s dominance in its most important territory, while also giving it greater leverage in shaping the future of Africa’s telecom infrastructure.