A decade ago, telecom operators across Africa rushed to sell their towers. The idea behind it was to offload heavy infrastructure, free up cash, and focus on customers.
Now, one of the continent’s biggest players is buying its towers back.
MTN Group has agreed to take full control of IHS Holding in a $6.2 billion all-cash deal. MTN already owns about 24% of IHS. It’s now moving to acquire the remaining 75%, offering $8.50 per share.
If completed, IHS will be delisted and become a wholly owned MTN subsidiary. This marks a swift turning point after years of operators embracing the tower-lease model. The arrangement reduced upfront costs for operators and created predictable rental revenue for tower firms.
So why reverse course now?
By bringing roughly 29,000 African towers back under its roof, MTN reduces long-term rental payments and gains tighter control over how infrastructure supports 5G and fibre expansion.
According to MTN Group CEO Ralph Mupita, this acquisition “is a pivotal step in further strengthening MTN Group’s strategic and financial position for a future where digital infrastructure will become ever more essential to Africa’s growth and development.”
The deal will be funded through the rollover of MTN’s existing stake, about $1.1 billion in cash from MTN, roughly $1.1 billion from IHS’s balance sheet, and the rollover of existing IHS debt. The offer represents a significant premium over IHS’s recent trading averages, and both MTN and long-term shareholder Wendel have agreed to vote in favor.
IHS Chairman and CEO Sam Darwish called it “a compelling opportunity that provides certainty and immediate returns for shareholders,” highlighting the company’s growth from a single tower to a multi-country portfolio that once peaked at around 40,000 towers.
The transaction is expected to close in 2026, pending regulatory and shareholder approvals. If it goes through, MTN will once again own much of the infrastructure it originally built.
Oyinebiladou Omemu
