MTN to acquire IHS Towers' African telecom tower portfolio

By Global Infrastructure Sherpa · Feb 20, 2026

Acquisition Transmission announced Africa Feb 20, 2026

USD2.2B

Deal Value

operating

Stage

MTN Group is spending $2.2 billion to regain control of nearly $4.8 billion worth of telecom towers across Africa from IHS Holdings, assuming responsibility for IHS's debt. MTN will absorb nearly 29,000 towers to lock down its core infrastructure in West and Southern Africa.

Deal Analysis

MTN Group's announced $2.2 billion acquisition of IHS Towers' African telecom tower portfolio represents a significant strategic move for the telecommunications giant. By regaining control of approximately 29,000 towers across West and Southern Africa, valued at $4.8 billion, MTN aims to secure its core infrastructure and potentially reduce operational costs associated with leasing agreements. The deal involves MTN assuming responsibility for IHS's debt, indicating a complex financial structure underpinning the transaction. This acquisition allows MTN to directly manage and optimize its network infrastructure, potentially leading to improved service quality and faster deployment of new technologies. The transaction is notable for its size and the involvement of two major players in the African telecommunications market. MTN, a multinational mobile telecommunications company with approximately 280 million subscribers across 19 countries, is consolidating its position as a leading provider. The deal's value and the number of towers involved highlight the importance of infrastructure ownership in the competitive telecommunications landscape. The acquisition could trigger further consolidation in the African telecom tower market as other operators seek to optimize their infrastructure portfolios. The deal's closing will be closely watched by investors and industry participants alike.

MTN is acquiring approximately 29,000 telecom towers from IHS Towers for $2.2 billion.
The deal allows MTN to regain control of its core infrastructure in West and Southern Africa.
MTN will assume responsibility for IHS's debt as part of the acquisition.
The transaction highlights the importance of infrastructure ownership in the African telecommunications market.

Market Context: The African telecommunications market is characterized by rapid growth in mobile subscriptions and increasing demand for data services. Telecom towers are critical infrastructure assets, enabling mobile network operators to provide coverage and capacity. The market has seen a trend towards tower sharing and outsourcing to specialized tower companies like IHS Towers, but this deal indicates a potential shift back towards operator ownership in certain cases.

Source Intelligence

KEY DETAILS

MTN is assuming responsibility for IHS's $3 billion debt: "MTN is spending $2.2 billion to absorb IHS Towers and its $3 billion debt problem" IHS sold its Rwandan subsidiary, including 1,467 sites, to Paradigm Tower Ventures in 2025: "In 2025, IHS sold its Rwandan subsidiary , including 1,467 sites, to Paradigm Tower Ventures." IHS agreed to sell its 51% stake in I-Systems in Brazil on February 11, 2026: "On February 11, 2026 , it agreed to sell its 51% stake in I-Systems in Brazil." IHS moved to divest its Brazilian and Colombian holdings for an enterprise value of $925 million on February 17: "On February 17 , the company moved to divest its Brazilian and Colombian holdings for an enterprise value of $925 million."

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Deal Size

MTN Group, Africa’s largest telecommunication company, is spending $2.2 billion to regain control of nearly $4.8 billion worth of telecom towers across Africa from IHS Holdings.

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Location

MTN Group, Africa’s largest telecommunication company, is spending $2.2 billion to regain control of nearly $4.8 billion worth of telecom towers across Africa from IHS Holdings.

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Financials

The transaction values the tower operator at roughly $2.9 billion in equity and implies an enterprise valuation of about $6.2 billion, including its Latin American operations. 

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Announcement

By Temitayo Jaiyeola 20th Feb, 2026

PARTIES MENTIONED IN SOURCE

MTN Group buyer

"MTN Group, Africa’s largest telecommunication company, is spending $2.2 billion to regain control of nearly $4.8 billion worth of telecom towers across Africa from IHS Holdings."

IHS Holdings seller

"MTN Group, Africa’s largest telecommunication company, is spending $2.2 billion to regain control of nearly $4.8 billion worth of telecom towers across Africa from IHS Holdings."

Airtel competitor

"The company has emphasised that IHS will maintain an arms-length open-access policy, allowing competitors such as Airtel to continue leasing space and generating wholesale revenue."

Bayobab subsidiary

"MTN plans to fold IHS into its digital infrastructure subsidiary, Bayobab, as a standalone unit, maintaining separate governance and management to preserve operational continuity."

high quality Enriched Feb 23, 2026