TELECOMMUNICATIONS : MTN Targets Full Acquisition of IHS Holdings for Over CFA 1,500 Billion
La voix des entreprises 
(LVDE) — Pan-African telecommunications giant MTN, already holding a 25% stake in IHS Holdings, is negotiating the acquisition of the remaining 75%. This strategic transaction could value the telecom tower infrastructure company at nearly USD 2.76 billion and significantly strengthen MTN’s control over its networks across Africa.
In Johannesburg and Lagos, on Thursday, February 5, 2026, MTN announced that it is in advanced discussions to acquire the 75% stake in IHS Holdings that it does not yet own. IHS, which specializes in the management and leasing of telecommunications towers, operates in several African markets, including Cameroon, and has long been a key partner of MTN. The deal, which could value IHS at around USD 2.76 billion (approximately CFA 1,545 billion), is part of MTN’s strategy to consolidate its infrastructure base and reduce reliance on external partners.
For several years, MTN has leased IHS towers in countries such as Nigeria and South Africa, using sale-and-leaseback arrangements to monetize its infrastructure while maintaining secure access to site capacity. A full acquisition would mark a paradigm shift, reversing the outsourcing model long adopted by the group and enabling it to regain direct control over its entire passive network.
According to financial analysts, the transaction would be aligned with IHS’s most recent closing price on the New York Stock Exchange, where shares ended the previous session at USD 8.23, down 5%. IHS is also listed in Frankfurt, giving the potential acquisition an international dimension and requiring a cautious assessment of the purchase price for the remaining 75%.
The relationship between MTN and IHS is longstanding and robust. Over the past decade, MTN has transferred several thousand passive network sites to IHS, including a major transaction in South Africa in 2022. These deals enabled MTN to free up capital while ensuring continued operation of its towers. This strategy helped improve MTN’s liquidity and finance the expansion of its mobile services across the continent.
If completed, the acquisition would represent a major strategic turning point for MTN. It would strengthen the group’s position in Africa’s telecom infrastructure sector, allowing it to better manage the planning, maintenance, and optimization of its towers. Experts believe this increased control could also accelerate the rollout of 4G and 5G services by reducing coordination delays with third-party operators and consolidating investments in new technologies.
Should negotiations fail, MTN has indicated it would explore alternative options to unlock value from its stake while preserving its capital allocation framework and access rights to IHS towers. The strategic stakes go beyond expansion alone, focusing on securing a critical asset for the group’s competitiveness and for mobile connectivity across the continent.
Closely watched by investors and regulators alike, the transaction could also have implications for Cameroon, where IHS operates several key sites and MTN remains the leading mobile operator. A full takeover promises to strengthen the network, improve access to mobile services, and support the deployment of advanced infrastructure in the region.
Esther Grace
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