MTN Moves Closer to $6.2bn IHS Towers Acquisition After FCCPC Approval

MTN Group has moved a major step closer to completing its proposed $6.2bn acquisition of IHS Towers after Nigeria’s Federal Competition and Consumer Protection Commission granted conditional approval for the transaction.

The FCCPC approval removes one of the key regulatory hurdles facing the telecommunications infrastructure deal and brings MTN closer to taking full ownership of IHS Towers, subject to the completion of other outstanding regulatory and transaction requirements.

MTN disclosed the development in its half-year 2026 financial results, stating that the remaining conditions for the acquisition are mainly regulatory, while other approvals are either already being processed or expected soon.

Under the conditions attached to the FCCPC approval, MTN will be required to sell down up to 30 per cent of the Nigerian component of the IHS business over time.

The shares are expected to be sold at market prices.

MTN said it was comfortable with the conditions imposed by the Nigerian competition regulator and remained committed to completing the transaction.

The company also identified the IHS deal as one of its major priorities for the second half of 2026. According to MTN, the acquisition is expected to strengthen its financial position over time by contributing positively to revenue, earnings and free cash flow.

MTN had agreed in February to acquire the remaining shares in IHS Towers for $8.50 per share.

If completed, the transaction will increase MTN’s ownership of the tower company to 100 per cent and could lead to the delisting of IHS Towers from the New York Stock Exchange.

The proposed acquisition has already received shareholder approval, with IHS investors voting in favour of the transaction at an extraordinary general meeting held in August.

MTN expects the deal to close during the second half of 2026, provided all remaining regulatory approvals and other conditions are satisfied.

IHS Towers is a major telecommunications infrastructure company with nearly 29,000 towers across Africa.

Its infrastructure supports mobile network operators in several important markets where MTN operates.

For MTN, the acquisition represents an opportunity to gain greater control over a strategic part of its telecommunications infrastructure.

Tower infrastructure plays a crucial role in mobile network deployment, allowing operators to install and maintain the equipment needed to provide voice and data services to millions of customers.

MTN has maintained a long-standing commercial relationship with IHS and has previously relied on tower sale-and-leaseback arrangements as part of its capital management strategy.

The proposed acquisition would change that structure by bringing the remaining IHS business under MTN’s ownership.

However, the FCCPC’s condition means MTN will not retain complete ownership of the Nigerian component indefinitely and will be required to reduce its stake by as much as 30 per cent over time.

The regulatory approval is therefore considered an important milestone for the transaction, although the acquisition is not yet fully completed. MTN said it would continue working toward satisfying the remaining conditions and securing the necessary approvals to close the deal.

The company remains confident that the transaction will provide long-term strategic and financial benefits while further strengthening its position in Africa’s rapidly expanding telecommunications infrastructure market.

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