MTN Group, Africa’s largest mobile operator, has announced an all-cash offer to fully acquire IHS Towers, one of the continent’s largest telecommunications infrastructure owners, for an estimated $2.2 billion.

The deal would take IHS Towers private, valuing the company at roughly $6.2 billion.

MTN currently owns a 24.7–25% stake in IHS Towers, and the acquisition would consolidate full ownership under the telecom giant.

The transaction will undergo a “thorough assessment” by the Nigerian government.

Minister of Communications, Innovation, and Digital Economy Bosun Tijani highlighted the strategic importance of telecom infrastructure to national security, economic growth, financial services, innovation, and social inclusion.

The Ministry, in coordination with regulatory authorities, will review the deal’s implications to ensure alignment with national development agendas and the President’s Renewed Hope policy.

Under the proposed terms, IHS shareholders would receive $8.50 per share in cash—a premium over recent trading levels.

Upon completion, IHS Towers would be delisted from the New York Stock Exchange and operate as a wholly owned MTN subsidiary.

MTN expects the process to conclude in 2026, pending approvals from shareholders, regulators, and customary conditions.

MTN Group President and CEO Ralph Mupitaexplained that owning its towers directly would generate significant cost savings by eliminating rental fees and strengthen MTN’s ability to expand 4G and 5G services across Africa.

Full ownership would also enhance MTN’s operational control, allowing it to better serve as a “partner for progress” in the countries it operates.

IHS Towers currently operates over 37,000 towers across Africa and Latin America.

The company recently sold its Latin American assets to Macquarie Asset Management for approximately $952 million, signaling a focus on core African markets ahead of the proposed buyout.

IHS Chairman and CEO Sam Dawish described the deal as a deepening of their long-standing partnership with MTN, combining Africa’s largest mobile network operator with one of its largest digital infrastructure platforms.

The proposed acquisition has raised competition concerns, particularly in Nigeria, MTN’s largest market. IHS supplies towers not only to MTN but also to competitors such as Airtel Nigeria.

MTN currently controls about 52% of Nigeria’s mobile market, and full integration of network services and tower infrastructure could reshape the competitive landscape.

Regulatory review will consider access, pricing transparency, and service quality obligations to ensure fair competition and digital inclusion.

MTN previously owned and operated most of its towers but sold thousands to IHS in the early 2010s to reduce costs, leasing them back to maintain network coverage.

The company retained a significant minority stake and remained one of IHS’s largest customers, making IHS a critical component of MTN Nigeria’s infrastructure backbone.