MTN's $2.2 Billion IHS Towers Acquisition Leads Africa M&A

In the first half of 2026, Africa's ten largest mergers and acquisitions (M&A) transactions were valued at $4.81 billion, with MTN's acquisition of a 75.3 percent stake in IHS Towers, valued at approximately $2.2 billion, representing nearly half of the total. This deal was announced on February 17, 2026.

The second-largest transaction involved Nedbank acquiring a 66 percent stake in Kenya's NCBA Group for $855 million, announced on January 21. The energy sector also saw significant activity, including Azule Energy's sale of interests in offshore Blocks 14 and 14K in Angola to Etu Energias Block 14 B.V. for $310 million, and Energean's acquisition of interests in the same blocks from Chevron for $260 million.

Despite a softer overall M&A market, strategic investors are pursuing long-term growth opportunities, although geopolitical developments have led to a more cautious approach to transactions, as noted by Marylou Greig, editor of DealMakers Africa.