Africa’s MTN Group to Acquire IHS Holding for $6.2 Billion in Cash

IHS Holding Limited (IHS) entered a merger agreement on February 17, 2026, to be acquired by MTN Group Limited in a deal valued at $6.2 billion.

Deal Structure:

IHS Towers shareholders will receive $8.50 per ordinary share in cash, representing a premium of 2.53% from the stock’s last close.

Company Profile:

IHS Towers is an independent owner, operator, and developer of shared telecommunications infrastructure in emerging markets, providing towers, fiber connectivity, and related services to mobile operators, ISPs, broadcasters, and corporations across Africa and Latin America.

MTN Group is a South African‑based multinational telecom operator that provides mobile voice, data, broadband, digital, and fintech services across Africa and the Middle East.

Deal Details and Timeline:

Earlier this month, Africa’s MTN Group announced that it was at an advanced stage of discussions with IHS to acquire the 75% shares in the company that it does not already own. The stock was trading at $8.23 when MTN revealed the deal talks.

MTN Group has agreed to vote all of its IHS Towers shares in favor of the transaction, and long-term IHS shareholder Wendel has also committed to support the vote. Together, these two shareholders represent over 40% of shareholder support for the proposed transaction.

The deal is expected to close in 2026.

The transaction will be financed using MTN’s existing 24% stake in IHS Towers, about $1.1 billion in cash from MTN, about $1.1 billion from IHS Towers’ own balance sheet, and by rolling over only existing IHS Towers debt.

The company must also have at least $355 million in cash at closing. Meeting these requirements depends in part on the successful sale of MTN’s Latin American tower and fiber operations.

IHS was advised financially by J.P. Morgan and legally by Latham & Watkins and Walkers. MTN received financial advice from BofA Securities and Citigroup Global Markets, with legal guidance from Cravath, Swaine & Moore.

MTN’s acquisition price is equivalent to 6.88 times the EBITDA of IHS.

Deal Metrics:

For a more comprehensive analysis of this M&A transaction, kindly visit the Deal Metrics page at:

Deal Metrics for the acquisition of IHS Holding Limited (IHS) by MTN Group Limited

The comprehensive Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from the announcement to the completion or failure.
• Key events as the merger progresses through the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings related to the merger.
• A timeline of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article