Africa’s telecom leader MTN Group is negotiating to snap up the outstanding 75-percent stake in tower operator IHS Holdings, a move that could grant it outright ownership of one of the continent’s largest infrastructure firms, the company disclosed Thursday amid investor alerts.
The talks, described as advanced but non-binding, follow MTN’s existing minority holding and aim to consolidate control over assets critical to its networks, reversing a trend of outsourcing amid governance concerns and market shifts.
Any potential offer would be “at a level near to the last trading price” of IHS shares on the New York Stock Exchange as of February 4, 2025, MTN said in a cautionary notice.
It warned shareholders that a completed transaction “could have a material impact on its share price,” urging caution in dealings until further updates.
MTN added that should discussions falter, it would “continue to explore other ways to unlock value from its investment in IHS, in line with its disciplined capital allocation strategy.”
Founded in 2001 with a focus on Nigeria, London-headquartered IHS manages over 37,000 towers across seven African nations—including Nigeria, South Africa and Cameroon—plus Brazil and Colombia, since its 2021 NYSE listing.
MTN, the continent’s biggest mobile operator, has long partnered with IHS, offloading sites like over 5,700 towers in South Africa in 2022 via sale-and-leaseback deals to free up capital while retaining access.
The proposed buyout signals evolving dynamics in telecom infrastructure, as operators weigh reclaiming assets to meet surging data needs and navigate economic pressures.
