MTN Group to Acquire IHS Towers for $6.2 Billion

MTN Group has announced a significant agreement to acquire IHS Towers for approximately $6.2 billion. This deal follows a week of negotiations and has received unanimous approval from the board of directors of IHS Towers.

Sam Darwish, the Chairman and CEO of IHS Towers, described the agreement as a compelling opportunity that crystallizes the value built over the company's 25-year history. The acquisition is expected to provide immediate returns to shareholders and enhance the long-standing partnership between MTN, Africa's largest mobile network operator, and IHS Towers.

Ralph Mupita, the Group President and CEO of MTN, stated that this transaction will strengthen the company's strategic financial position as digital infrastructure becomes increasingly central to economic development. Shareholders of IHS Towers will receive $8.50 per ordinary share in cash, representing a 36% premium over its 52-week volume-weighted average price.

MTN currently holds approximately 24% of IHS Towers and has committed to vote in favor of the deal, with long-term investor Wendel pledging support.