By David Akinmola
MTN Group is in talks to acquire the remaining 75 per cent stake in IHS Holding Limited, a move that could significantly reshape Africa’s telecommunications infrastructure landscape if concluded.
Industry sources familiar with the discussions said the South Africa-based telecoms giant has opened negotiations aimed at taking full ownership of IHS, one of the world’s largest independent telecom tower companies, which currently manages tens of thousands of towers across Africa, Europe and the Middle East. MTN already owns about 25 per cent of IHS following previous asset and equity transactions.
The talks, which are said to be at an early stage, signal MTN’s renewed interest in consolidating control over critical network infrastructure amid rising data demand, higher operating costs and intensifying competition across its core African markets, including Nigeria.
Analysts say a full acquisition would allow MTN to exert greater influence over tower pricing, network rollout and service quality, while potentially reducing long-term lease costs paid to third-party tower operators. It would also mark a strategic reversal of the asset-light model that saw telecom operators spin off tower assets over the past decade to free up capital.
IHS Towers, founded in Nigeria, operates more than 39,000 towers globally and counts MTN as its largest customer. The company is listed on the New York Stock Exchange and has faced pressure from investors in recent years due to foreign exchange volatility, rising energy costs and margin compression, particularly in African markets.
Market watchers note that any deal would be complex, requiring regulatory approvals across multiple jurisdictions and careful consideration of valuation, given IHS’ public listing and debt profile. There are also questions around financing, as higher interest rates and currency risks continue to weigh on large-scale acquisitions in emerging markets.
Neither MTN nor IHS has issued an official statement on the talks.
If completed, the transaction could represent one of the most significant telecom infrastructure deals in Africa in recent years, underscoring a broader industry rethink around ownership, control and resilience of network assets in an increasingly data-driven economy.
