MTN Group agreed to acquire IHS Holding Limited for $6.2bn in February 2026 — the largest infrastructure acquisition in Africa’s telecommunications history and the biggest African private capital deal of Q1 2026. MTN is in effect buying back thousands of towers it originally built and sold to IHS across Nigeria, Cote d’Ivoire, Cameroon, Zambia and Rwanda. IHS shareholders approved the deal on August 4, 2026. Regulatory approvals still pending. MTN is now seeking Nigerian buyers for a 30% stake (up to $1.1bn) to comply with local ownership requirements.
Capital Details
Market Significance
Largest infrastructure M&A in African telecom history. Anchored Africa's Q1 2026 private capital total at $16.1bn — representing ~38% of all disclosed African private capital value for the quarter. Signals a continent-wide reversal of the tower outsourcing trend as MNOs seek to control 5G and fibre infrastructure directly.
Risk / Considerations
Regulatory approvals across multiple African markets still pending as of August 2026. MTN's need to sell 30% Nigerian stake to local buyers adds execution complexity and may delay close. Integration of 29,000 towers across 9 markets is operationally complex.
What Happens Next
Regulatory approvals across Nigeria, Côte d'Ivoire, Cameroon, Zambia, Rwanda and other markets. Nigerian 30% stake sale ($1.1bn) to local buyers.
Commercial Opportunity
The 30% Nigerian stake sale ($1.1bn) is an active opportunity for Nigerian institutional investors and pension funds. Telecom tower M&A advisory, legal and financing services.