MTN Group has applied to the Johannesburg Stock Exchange for approval to acquire IHS Towers, Africa’s largest independent tower company.
The Africa-focused telecoms group said it is in advanced discussions to acquire 75% of IHS Towers, which would make MTN the majority shareholder. MTN disclosed the application in a letter to investors on Thursday.
“No final agreement has been reached, and there is no certainty of the transaction concluding,” MTN said. It added that the transaction, if completed, may have a material effect on its share price and urged investors to exercise caution.
IHS Towers, founded in Nigeria in 2001, owns and operates about 40,000 towers across Africa, Latin America and the Middle East. Meanwhile, the company is listed on the New York Stock Exchange and has a market capitalisation of about $2.76 billion.
On Feb. 5, 2026, IHS shares traded at $8.23, reflecting a financial rebound after recent pressures from currency volatility and rising costs.
The potential deal will be a major addition to MTN, which has long relied on third-party tower firms to host its network equipment. Like other operators, MTN leases tower space from neutral-host providers under long-term contracts.
However, IHS’s business model centres on shared infrastructure, allowing multiple operators to co-locate equipment on the same sites. As a result, telecom companies have reduced capital spending while expanding coverage in emerging markets.
By seeking to acquire IHS, MTN is moving to regain direct ownership of critical network assets. As a result, the group would integrate a key part of its cost base and network operations.
Nigeria represents IHS’s largest market, accounting for about 59% of its revenue in the third quarter of 2025. Therefore, the transaction would expand MTN’s exposure to its most important operating market.
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