MTN eyes majority stake in IHS Towers as strategy shifts

MTN Group, Africa’s largest telecommunications company, has formally applied to the Johannesburg Stock Exchange (JSE) for approval to acquire IHS Towers, the continent’s biggest independent owner and operator of shared communications infrastructure, in what might become one of the most significant infrastructure deals in its history.

MTN is in advanced talks to acquire 75% of shares in IHS, which would make it the majority shareholder of the tower company, the telco said in a letter to investors on Thursday morning and seen by TechCabal.

“No final agreement has been reached, and there is no certainty of the transaction concluding,” MTN said. “The transaction if concluded, may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until further announcement is made.”

IHS Towers, founded in Nigeria in 2001, has grown from a homegrown startup into one of the world’s largest independent tower companies, operating roughly 40,000 towers across Africa, Latin America, and the Middle East. 

Listed on the New York Stock Exchange, the company has seen a notable financial rebound, with a market capitalisation of $2.76 billion. Its share price on Thursday, February 5, 2026, was at $8.23

The potential acquisition is strategically significant for MTN. For years, MTN, like many operators, has relied on third-party tower companies such as IHS to host its network equipment. IHS’s core business model centers on shared infrastructure, enabling operators to co-locate on towers under long-term lease agreements. This neutral-host model has helped reduce capital expenditure for telecom operators across emerging markets.

By moving to buy IHS Towers, MTN signals a shift in strategy: reclaiming direct control over critical network infrastructure. This could lower long-term operating costs, improve service rollout efficiency, and strengthen MTN’s competitive position across its markets. With Nigeria, IHS’s largest segment, accounting for nearly 59% of IHS’s Q3 2025 revenue, the acquisition would also consolidate MTN’s dominance in its most important market.