MTN Group, Africa’s largest telecommunications operator, has formally applied to the Johannesburg Stock Exchange (JSE) for approval to acquire a controlling stake in IHS Towers, the continent’s leading independent communications infrastructure company.
In a letter to investors released Thursday morning, MTN confirmed it is in advanced discussions to purchase 75% of IHS Towers’ shares, which would position the telecom giant as the majority shareholder of the tower company. The move, if completed, would rank among the most significant infrastructure transactions in African telecom history.
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MTN cautioned that “no final agreement has been reached, and there is no certainty that the transaction will conclude.” The company further advised shareholders to exercise caution when trading its securities, noting that a completed deal “may have a material effect on the price of the company’s securities.”
IHS Towers, originally founded in Nigeria in 2001, has grown into one of the world’s largest independent tower operators, managing approximately 40,000 towers across Africa, Latin America, and the Middle East. The company is publicly listed on the New York Stock Exchange, where its shares closed at $8.23 on Thursday, giving it a market capitalisation of approximately $2.76 billion.
The proposed acquisition marks a strategic pivot for MTN. For more than a decade, MTN and other major mobile operators have depended heavily on independent tower companies like IHS to host their network equipment under long-term co-location leases. This neutral-host model has allowed operators to reduce capital expenditure and focus resources on core services.
By acquiring a controlling interest in IHS, MTN aims to bring critical network infrastructure back under direct control. Industry analysts say the move could deliver several long-term advantages, including:
-Lower operating costs through reduced tower lease payments
-Faster and more efficient network rollout and upgrades
-Greater control over infrastructure quality and expansion timelines
-Stronger competitive positioning across MTN’s footprint
Nigeria, IHS’s largest and most profitable market, accounted for nearly 59% of the tower company’s revenue in Q3 2025. Gaining majority ownership of IHS would therefore significantly reinforce MTN’s dominance in its single most important market.
While both parties have yet to confirm final terms, valuation, or a definitive timeline, the application to the JSE signals that negotiations have progressed to a formal regulatory stage.
