The move would see MTN regain full control of tower assets it previously sold, marking a significant shift in its long-standing infrastructure strategy
Pan-African operator MTN Group has confirmed it is in advanced discussions to acquire the remaining shares in IHS Towers that it does not already own, a transaction that could value the tower company at around $2.7bn and reverse more than a decade of tower divestments.
In a cautionary announcement to investors on 5 February, MTN said it was in talks to buy the 75% stake in IHS Holdings that it does not already own, following market speculation. The group said a potential offer price was “at a level near to the last trading price” of IHS shares on the New York Stock Exchange as at 4 February 2026, noting that the share price had risen sharply in recent months. MTN stressed that no final agreement had been reached and that there was no certainty the transaction would conclude.
IHS Towers separately confirmed that discussions were ongoing, but said the approach was non-binding and should not be construed as an announcement of a transaction. “There is no certainty that a transaction will be agreed upon, or as to the final terms of any such agreement,” the towerco said.
Based on IHS’s recent market capitalisation, the talks imply a valuation of approximately $2.7bn, according to reporting by MyBroadband and other South African media. If completed, the deal would represent a notable strategic shift for MTN, which has spent years monetising passive infrastructure through sale-and-leaseback transactions.
Build, sell, buy
MTN is already a major shareholder in IHS and has a long operational relationship with the tower company across several African markets. Over the past decade, MTN sold thousands of towers to IHS, including a large South African transaction completed in 2022, retaining access to the sites under long-term master lease agreements. These deals were designed to free up capital, reduce balance-sheet intensity and allow MTN to focus investment on active network assets and services.
According to TechCentral, a full buyout would effectively unwind that outsourcing model and bring the tower portfolio back under MTN’s direct control, potentially giving the operator greater flexibility over network rollout, cost management and future technology upgrades. MTN has previously raised concerns about corporate governance at IHS, as we have reported in the past, adding further context to the renewed interest in ownership.
IHS Towers is one of the world’s largest independent tower companies by site count, with more than 37,000 towers across seven markets, including Nigeria, South Africa, Brazil and several other emerging economies. MTN is its largest customer.
MTN said that if the transaction does not proceed, it will continue to explore other options to unlock value from its investment in IHS, while remaining committed to its disciplined capital allocation framework. Shareholders have been advised to exercise caution when dealing in MTN securities until further announcements are made.
