The $6.2 billion tug-of-war: Whose win is MTN’s IHS acquisition?

In a move that could redefine the backbone of Africa’s largest digital economy, MTN Group is pushing to bring its infrastructure back home.

The telecommunications giant is in advanced stages to acquire the remaining 75% stake in IHS Towers, one of Africa’s largest independent owners of communications infrastructure.

By acquiring the shares it doesn’t already own for $2.2 billion, MTN is taking full control of a company with a total enterprise value of $6.2 billion. This structure allows MTN to roll over its existing equity and assume the company’s debt, rather than pay the full $6.2 billion upfront.

Last updated: February 18, 2026