MTN Group has confirmed it is in advanced discussions to acquire the remaining shares of IHS Holding Limited that it does not currently own.
In a cautionary notice to investors, MTN said it is evaluating a potential offer for the outstanding stake in IHS, which is listed on the New York Stock Exchange.
The announcement follows heightened market speculation and recent movements in IHS’s share price, which has strengthened in recent months.
According to MTN, any potential offer would be priced close to IHS’s recent trading levels. However, the company stressed that discussions are ongoing and no binding agreement has been reached, adding that there is no assurance the transaction will be completed.
MTN warned shareholders that a successful deal could have a material effect on its share price and advised investors to exercise caution when trading in the company’s securities until further information is released.
The South African telecom group already holds a substantial interest in IHS and maintains a long-standing commercial relationship with the tower operator across several African markets.
Over the years, MTN has transferred thousands of passive network sites to IHS under sale-and-leaseback arrangements, allowing it to monetise infrastructure assets while retaining long-term access through lease agreements.
One of the most significant transactions occurred in 2022, when MTN sold more than 5,700 towers in South Africa to IHS, reinforcing a strategy that favoured asset-light network operations and capital efficiency.
A full acquisition of IHS would represent a sharp departure from that approach, effectively reversing years of infrastructure outsourcing and bringing tower ownership back under MTN’s direct control. Such a move would signal a broader reassessment of network economics as operators confront rising data demand, currency volatility, and increasing operating costs across emerging markets.
MTN has previously raised concerns around corporate governance at IHS, providing additional context to its measured tone in the latest announcement.
The company said that if the transaction does not proceed, it will continue to assess alternative ways to realise value from its existing investment in IHS, in line with its disciplined capital allocation framework.
Founded in 2001, IHS has grown from a Nigeria-focused tower developer into a global infrastructure provider, managing more than 37,000 towers across Africa and Latin America. The company plays a central role in mobile connectivity in several emerging markets, with MTN as its largest customer.
Market analysts note that a successful buyout could reshape the dynamics of Africa’s telecom infrastructure sector, where operators are increasingly weighing the strategic trade-offs between owning critical assets and leasing them from independent providers.
MTN said further updates would be issued as discussions progress, reiterating that investors should not assume a transaction will occur until a formal agreement is announced.
