The MTN Group has announced that it is in advanced discussions to acquire the remaining shares in IHS Holdings that it does not already own.
The telecoms giant disclosed this in a cautionary notice to investors on Thursday, following market speculation about its intentions regarding the New York Stock Exchange-listed IHS Towers.
The group noted that acquiring the remaining shares in IHS could give it full control of the tower infrastructure company.
MTN explained that it is considering a transaction to purchase the outstanding 75 per cent stake in IHS, with discussions already at an advanced stage.
According to the company, any potential offer would be “at a level near to the last trading price” of IHS shares on the NYSE as of February 4, 2025.
MTN highlighted that the IHS share price had increased sharply in recent months.
As a major shareholder in IHS, MTN cautioned that no final agreement has been reached and there is no certainty the deal will be concluded.
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“The proposed transaction, if completed, can have a material effect on the price of MTN securities. So, we advise shareholders to exercise caution when trading until further announcements are made,” the MTN Group said.
MTN and IHS have maintained a longstanding operational relationship across several African markets, with IHS serving as MTN’s largest infrastructure partner.
Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements, including a major transaction in South Africa in 2022.
These deals have enabled MTN to monetize capital-intensive infrastructure while retaining access to tower capacity through long-term master lease agreements.
Industry analysts say a full buyout of IHS would mark a major strategic shift for MTN, as it would reverse the outsourcing model the telecoms operator has pursued for years by bringing tower infrastructure back under direct control.
MTN stated that if the transaction does not proceed, it would continue exploring alternative options to unlock value from its investment in IHS, in line with its capital allocation framework.
IHS Towers is one of the world’s largest independent tower companies, operating thousands of telecom sites across Africa and other regions.
