MTN Group has moved a step closer to completing its proposed $2.2 billion acquisition of IHS Holding Limited after securing approval from the IHS board and gaining significant shareholder backing ahead of a planned vote.
Regulatory filings submitted to the U.S. Securities and Exchange Commission revealed that IHS shareholders are expected to vote on the transaction during an extraordinary general meeting scheduled to hold in London later this year.
If approved, MTN will acquire all outstanding IHS shares for $8.50 per share in cash, paving the way for the telecommunications infrastructure company to exit the New York Stock Exchange and become privately owned.
Brandspur Business News Desk reports that the proposed deal places IHS at an implied equity valuation of approximately $2.9 billion, excluding its Latin American operations, while also representing a premium above the company’s recent average market trading price.
According to transaction details, MTN plans to finance the acquisition using roughly $1.1 billion from IHS’s existing balance sheet alongside another $1.1 billion sourced through MTN liquidity reserves and debt facilities.
The takeover proposal has already attracted support from investors controlling more than 40 per cent of IHS voting rights, including MTN subsidiary Mobile Telephone Networks Holdings, which committed its 85.2 million shares in favour of the acquisition.
Another major shareholder, Oranje-Nassau Développement, linked to investment group Wendel, also pledged support for the transaction through its significant stake in IHS.
IHS directors unanimously approved the merger agreement, signalling strong internal backing for the transaction as the company prepares for a final shareholder decision.
The acquisition is expected to strengthen MTN’s control over telecommunications infrastructure across Africa, particularly in markets where IHS operates thousands of telecom towers supporting mobile network operations.
IHS currently manages approximately 28,700 telecom towers across Africa, the Middle East, and Latin America, including nearly 15,942 towers in Nigeria where the company controls an estimated 41 per cent market share.
MTN maintains operations in all of IHS’s African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, making the acquisition strategically important for network expansion and operational efficiency.
Industry analysts say African telecom operators are increasingly seeking direct control of critical infrastructure as inflationary pressures, currency volatility, and rising network operating costs continue to impact profitability across the sector.
The deal is also expected to reduce MTN’s dependence on third-party tower management providers while improving network optimisation and foreign exchange risk management across key markets.
Once finalised, the transaction will end IHS’s status as a publicly traded company roughly five years after its listing on the New York Stock Exchange in 2021.
The merger remains subject to approval by at least two-thirds of votes cast during the upcoming shareholder meeting before completion can proceed.
