In a move that could fundamentally change the telecommunications landscape across Africa, MTN Group has entered advanced negotiations to acquire the remaining 75 percent stake in IHS Holdings. This potential deal, which came to light on Thursday, February 5, 2026, is estimated to value the tower operator at approximately $2.76 billion. If successful, it would allow the telecom giant to take full ownership of the critical infrastructure it currently relies on to keep millions of people connected.
MTN already holds a significant minority stake of about 25 percent in IHS but currently leases thousands of towers from the company in major markets like Nigeria and South Africa. While MTN indicated that any official offer would likely align with IHS’s recent closing price of $8.23 per share on the New York Stock Exchange, the company was quick to remind investors that a final agreement has not yet been signed.
The relationship between these two companies is long-standing and deeply intertwined. For years, MTN has been both a key shareholder and the single largest customer for IHS, which manages over 37,000 towers across seven markets. In Nigeria alone, IHS accounts for roughly 47 percent of the 39,880 towers currently in operation. By moving to buy out the infrastructure firm, MTN appears to be shifting its strategy away from the “sale-and-leaseback” model that has dominated the industry for the last decade, choosing instead to own the physical backbone of its network once again.
IHS Towers has a rich history, having started its operations in Nigeria in 2001 before expanding into a global powerhouse with sites across Africa, the Middle East, and Latin America. Gaining full control of such a massive asset would give MTN a level of operational independence that few other mobile operators on the continent can claim. Analysts suggest this “vertical integration” could help MTN better manage rising operating costs such as the high price of powering towers and speed up the rollout of 4G and 5G services.
However, the road to a final deal remains uncertain. MTN has advised its shareholders to exercise caution, noting that while talks are progressing, there is no guarantee a transaction will be completed. If the deal does go through, it could lead to more stable service delivery, as MTN would no longer be reliant on a third party for its primary network infrastructure. Even if these specific negotiations fall through, MTN remains committed to finding ways to maximize the value of its current investment in IHS. For now, the industry is waiting to see if MTN will successfully reclaim the infrastructure that powers its digital future.
