MTN Group, Africa’s largest mobile network operator, has agreed to acquire full ownership of IHS Towers in a landmark transaction valued at approximately $2.2 billion.
The deal, announced on February 17, will take IHS private and delist it from the New York Stock Exchange, representing one of the largest moves in Africa’s telecom infrastructure sector in recent years.
The acquisition follows earlier discussions between MTN and IHS Holding Limited, the parent company of IHS Towers, regarding the purchase of the remaining shares not already held by the telecom giant. IHS builds, owns, and operates telecommunications towers leased by mobile network operators (MNOs) to deliver services across the continent.
For years, the sale-and-leaseback model allowed operators to unlock capital by selling towers to independent firms like IHS while continuing to lease them, enabling infrastructure sharing, expanding coverage, and reducing duplication.
MTN itself previously sold 5,709 South African towers to IHS in 2021 in a $400 million transaction, which was completed in 2022, expanding IHS’s footprint. The new deal reverses this relationship, transferring full ownership to MTN.
Should the acquisition be finalized, MTN will own over 28,700 towers across five key African markets—Nigeria, South Africa, Cote d’Ivoire, Cameroon, and Zambia—serving 10 of the 13 MNOs in these countries. Nigeria alone accounts for 15,942 sites, including towers leased to both MTN and rivals like Airtel, which recently renewed tenancy agreements covering thousands of sites through 2031.
Industry experts highlight both opportunities and potential concerns arising from the acquisition.
Tony Izuagbe Emoekpere, chairman of the Association of Telecommunications Companies of Nigeria (ATCON), told TheCable that while MTN’s full ownership could raise questions about concentration of infrastructure, the operational independence of tower companies often mitigates monopolistic risks.
“Ownership change does not automatically translate to monopolistic control,” Emoekpere said. “Infrastructure companies remain commercially motivated to serve multiple tenants. Economically, it does not make sense to shut out other operators.”
Emoekpere noted that Nigeria has multiple tower providers, including competitors like American Tower Corporation (ATC), which operates over 22,000 sites across Africa. He added that government oversight is crucial to ensure fair access and protect national interest.
Bosun Tijani, Minister of Communications, Innovation and Digital Economy, confirmed that regulators will assess the transaction to ensure alignment with Nigeria’s telecom objectives, fair competition, and consumer protection. “Every transaction of this magnitude must pass certain tests to safeguard national interest,” Emoekpere added.
From a service perspective, industry insiders said MTN’s move may be motivated by quality-of-service concerns. One telecom executive, who requested anonymity, said the company sought greater control to address issues such as tower management inefficiencies and slow maintenance response. “Owning the towers will allow MTN to resolve outages faster and enhance network performance,” the executive said.
Financially, analysts believe the acquisition could strengthen MTN’s long-term margins by eliminating lease payments and improving cash flow predictability.
“If properly regulated, this could benefit Nigeria through increased infrastructure investment, job creation, faster broadband rollout, and enhanced control over strategic telecom assets,” said an expert familiar with the deal. However, the expert cautioned that without strong regulatory frameworks, competition could be negatively affected.
Market watchers note that the combined entity will have a significant footprint in retail and corporate segments, leveraging Providus’s niche corporate banking and digital capabilities and Unity Bank’s established retail and SME presence, potentially reshaping the competitive landscape.
MTN’s full acquisition of IHS Towers underscores the growing strategic importance of telecom infrastructure in Africa, where operator-controlled assets can influence network reliability, expansion pace, and sector profitability. The deal is expected to close following regulatory review and approvals.