MTN Group Limited, which already owns roughly 25 % of IHS Holding Limited, has entered preliminary, non‑binding discussions to acquire the remaining shares of the tower operator. The proposal, confirmed by IHS on February 5 2026, would give MTN full control of IHS’s network of more than 37,000 towers across seven countries, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Nigeria, South Africa and Zambia.
The move aligns with MTN’s “Ambition 2025” strategy, which seeks to build a platform business centered on scale connectivity and infrastructure. By bringing tower assets in‑house, MTN would reduce reliance on third‑party operators, lower long‑term capital expenditures, and gain tighter integration with its core network services. The acquisition would also position MTN to capture higher margins from tower leasing and to accelerate deployment of 5G infrastructure in high‑growth markets.
IHS Towers reported a strong Q3 2025 earnings season, with earnings per share of $0.44 versus a forecast of $0.11 and revenue of $455.1 million against an expected $424.5 million. The results reflected robust demand for shared infrastructure and disciplined cost management, reinforcing the value of IHS’s asset base and supporting a valuation near the last trading price of $8.23 per share on February 4 2026.
Management commentary from both sides underscores the early stage of the talks. IHS said the discussions are ongoing and the proposal remains non‑binding, while MTN cautioned shareholders to exercise prudence and indicated that if a deal does not materialize, the company will continue to explore other ways to unlock value from its IHS investment.
Investors are closely monitoring the development, as a successful transaction could prompt a valuation review for IHS and reshape competitive dynamics among independent tower operators in emerging markets.
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