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MTN Group announced Tuesday a blockbuster $2.2 billion deal to acquire the remaining shares of IHS Towers, valuing the telecommunications infrastructure company at roughly $6.2 billion. The transaction marks a strategic move to consolidate MTN’s control over key African tower assets.

Strategic Acquisition and Financial Maneuvers

Currently holding about 24.7% of IHS, MTN will pay $2.2 billion for the remaining shares, financed through approximately $1.1 billion in IHS’s own cash, combined with MTN’s liquidity and debt facilities. The acquisition, expected to close in 2026, requires shareholder and regulatory approvals and will result in IHS being delisted from the New York Stock Exchange.

IHS’s board has unanimously approved the merger agreement and intends to recommend the deal to shareholders. The $8.50-per-share offer reflects a premium of roughly 9.7% over IHS’s 30-day volume-weighted average share price as of Feb. 4. On Tuesday, IHS shares traded near $8.11, down about 2.2%.

Towering Assets Across Africa

IHS operates nearly 29,000 towers across Africa, serving multiple mobile network operators in five key MTN markets. MTN said that bringing these assets in-house will allow it to internalize margins currently paid to IHS, improve cost predictability, and capture potential third-party revenue streams.

“This proposed transaction is a pivotal step in further strengthening MTN Group’s strategic and financial position,” said MTN Group President and CEO Ralph Mupita.

IHS Chair and CEO Sam Darwish added that the deal will deepen the companies’ long-standing partnership while delivering “certainty and immediate returns” for shareholders.

Legal Advisors and Deal Teams

MTN is advised by Cravath Swaine & Moore LLP, led by corporate partners Richard Hall and Philip J. Boeckman. IHS Towers is represented by Latham & Watkins LLP, with corporate partners Marc Jaffe, Ian Schuman, Josh Dubofsky, and Javier Stark, alongside Walkers (Cayman) LLP, whose deal team information is not yet available.