IHS shareholders back MTN takeover, regulatory approvals still pending

Shareholders of IHS Holding Limited have approved MTN Group's plan to acquire the remaining shares in the tower company. The approval came at an Extraordinary General Meeting on August 4, 2026, where a special resolution passed with the required two-thirds majority.

Deal now awaits regulators

MTN first announced the proposed acquisition on February 17, 2026. The shareholder vote clears one condition for completion, but the deal still needs regulatory approvals in the relevant jurisdictions. MTN said those approvals are ongoing.

MTN Group President and Chief Executive Officer Raph Mupita described the shareholder approval as an important step. He said tower infrastructure is central to MTN's long-term growth strategy under its Ambition 2030 framework.

"The approval by IHS shareholders is an important step toward completion of the Transaction. Within our Ambition 2030, the three platform strategy, towers are a critical value creation driver that will strengthen MTN's strategic and financial position for the future, in a world where digital infrastructure and AI are becoming increasingly essential to Africa's growth and development," Mupita said.

Reversal of years of outsourcing

MTN already owns a significant minority stake in IHS and has a deep operational relationship with the tower company across several African markets. Over the past decade, MTN sold thousands of passive network sites to IHS through sale and leaseback arrangements, including a major South Africa deal in 2022 that involved more than 5,700 towers.

Those transactions allowed MTN to unlock capital tied up in infrastructure while retaining long-term access to towers under master lease agreements. A full acquisition of IHS would reverse years of infrastructure outsourcing, bringing tower assets back under MTN's direct control. The move is aimed at strengthening MTN's digital infrastructure capabilities and creating operational and financial efficiencies across its markets.

Nigerian regulatory scrutiny

The deal has drawn regulatory attention in Nigeria. Minister of Communications, Innovation, and Digital Economy Dr. Bosun Tijani called for a comprehensive regulatory review shortly after MTN's announcement in February. He said the proposed acquisition would not be treated as a routine corporate transaction due to the sensitivity of telecoms infrastructure assets.

The minister stressed that the government's objective is to ensure any consolidation protects consumers and sustains long-term sector health. IHS is licensed by the Nigerian Communications Commission as a telecom infrastructure service provider.

For Nigerian telecom operators and consumers, the outcome of this deal matters. A fully integrated MTN-IHS could reshape how tower infrastructure is managed in the country, with potential effects on pricing, service quality, and competition. Regulators are watching closely.