MTN in talks to buy remaining IHS Holdings stake in $2.76bn deal

Delegates walk past the MTN logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa on 7 February 2024. Reuters/Esa Alexander

MTN, which leases IHS' towers in Nigeria and South Africa, said any potential offer would be pitched at IHS' last closing price on the New York Stock Exchange.

Shares in US-listed IHS Holdings closed 5% lower at $8.23 on Wednesday, giving the dual-listed company a market value of roughly $2.76bn, according to Reuters calculations. The company is also listed in Frankfurt.

MTN said no final agreement has been reached. If negotiations succeed, the deal would give it greater control over its tower infrastructure.

Should talks fail, the company said it would explore alternative options to unlock value from its stake while maintaining its capital allocation framework.

MTN and IHS Towers have a long-standing commercial relationship, with MTN serving as IHS's largest customer across several African markets as well as a major shareholder.