South Africa's MTN In Talks To Buy Remaining Stake In IHS Towers

AFRICAN STOCKS AND FINANCEFebruary 9, 2026 at 11:31 PM UTC

TLDR

MTN Group in advanced talks to acquire 75% stake in IHS Holdings, potentially valuing the telecom infrastructure company at $2.76 billion.
Potential acquisition would give MTN greater control over tower infrastructure for network coverage and cost management.
Shift in African telecom groups reassessing tower ownership, with MTN potentially bringing towers back in-house for improved control and cost management.

MTN Group said it is in advanced talks to acquire the 75% stake in IHS Holdings that it does not already own, a move that could value the telecom infrastructure company at about $2.76 billion.

Africa’s largest mobile operator said any potential offer would be based on IHS’s latest closing share price on the New York Stock Exchange. At that level, IHS’s market value stands at about $2.76 billion, supported by its primary US listing and a secondary listing in Frankfurt.

MTN already leases towers from IHS in key markets including Nigeria and South Africa and is the company’s largest customer. The group also holds a minority equity stake, making the potential transaction an extension of a long-standing commercial relationship.

MTN said no final agreement has been reached. If the talks do not result in a deal, the company said it would consider other options to unlock value from its investment, while remaining disciplined on capital allocation.

A successful acquisition would give MTN greater control over its tower infrastructure, which is a core asset for network coverage and cost management as data usage continues to rise across its markets.

Key Takeaways

The talks reflect a shift in how large African telecom groups are reassessing past tower spin-offs. Over the last decade, operators sold towers to specialist firms like IHS to cut debt and focus on services. Rising data demand and pressure to improve margins are now changing that logic. By bringing towers back in-house, MTN could gain more control over pricing, rollout speed, and network upgrades, while reducing long-term lease costs. It would also reduce reliance on a third party for a critical part of its infrastructure. The move comes as tower companies face slower growth, higher interest rates, and tenant concentration risks. For MTN, the decision will hinge on whether ownership delivers better returns than leasing, while preserving balance sheet flexibility. The outcome will be closely watched by investors as a signal of whether telecom operators across Africa may follow a similar path.

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