MTN Moves Closer To IHS Deal After Shareholder Approval

MTN has moved another step closer to taking full control of IHS Towers, a deal that could reshape African telecom infrastructure by bringing one of the continent biggest mobile operators closer to one of its most important tower networks.

TechAfrica News reports that the proposed $6.2 billion acquisition has advanced after shareholder approval. The deal was first announced in February 2026 and would see MTN acquire the remaining shares in IHS Holding Limited, combining Africa largest mobile network operator with one of the continent leading independent telecommunications infrastructure providers.

MTN had announced in February that IHS board had accepted an offer of $8.50 per share in a transaction that would increase MTN shareholding to 100 percent. The transaction remains subject to regulatory approvals and the delisting of IHS from the New York Stock Exchange.

The strategic logic is clear. Mobile operators depend on towers, power systems, fibre backhaul and shared infrastructure to expand coverage and improve data quality. For years, many African operators sold towers to independent tower companies and leased them back to release capital. MTN now appears to be reversing part of that logic by pulling a major tower platform closer to its own balance sheet.

That could reduce long-term leasing costs, improve network planning and give MTN more control over how infrastructure is upgraded for 4G, 5G, fibre and rural connectivity. It could also make it easier to coordinate power solutions at tower sites, a major issue in markets where electricity reliability remains a daily cost problem.

But the deal also raises competition and regulatory questions. Independent tower companies exist partly because they can host multiple operators on shared infrastructure. If MTN owns IHS fully, regulators and rival mobile operators will want assurances around fair access, pricing, service quality and operational independence where IHS serves more than one network.

The acquisition comes as African connectivity is becoming more capital intensive. Fibre expansion, rural broadband, data-centre demand, cloud services, mobile money, enterprise connectivity and satellite competition are all forcing operators to think harder about the infrastructure layer. We recently wrote about Nigeria Project BRIDGE and its 90,000km fibre ambition, which shows how central backbone infrastructure has become to the continent digital economy.

The wider telecom market is also changing from above. SpaceX Starlink is pushing deeper into connectivity and mobile service ambitions, while terrestrial operators are trying to protect their network advantage. Owning or closely controlling towers and fibre may become more important as operators compete with satellite broadband, private networks and cloud-connected enterprise services.

For MTN, the IHS deal is not just about towers. It is about owning more of the physical foundation on which its data, fintech and enterprise ambitions depend. For Africa telecom regulators, the job will be making sure infrastructure consolidation improves coverage and service quality without closing the door to competition.

If the transaction clears the remaining hurdles, it will mark one of the most significant infrastructure deals in African telecoms this year. The next question will be whether MTN can make the deal work operationally across markets where power, regulation, currency risk and competition all behave differently.