MTN Moves to Buy the Remaining 75% Stake in IHS Holdings

MTN Group has advanced discussions to acquire the roughly 75% stake it does not already own in IHS Holding Limited, a move that could hand the mobile giant full control of one of the world’s largest independent tower firms.

The report says the company issued a cautionary notice, confirming that it is evaluating a potential buyout of minority shareholders in the NYSE-listed tower operator. 

Crucially, it emphasises there is no binding agreement yet, meaning the talks could still collapse, evolve into a different structure, or trigger competitive responses.

Why this matters: for years, telcos globally have sold tower assets to specialist companies in sale-and-leaseback deals. The logic is to unlock capital, reduce operational complexity, and shift infrastructure management to dedicated players. 

A full acquisition would represent a partial reversal of that logic, bringing tower ownership back under the operator’s control.

The strategic rationale could be control, cost discipline, and resilience. Towers are essential to network coverage and to the growth of data demand. If leasing costs rise, FX pressures intensify, or governance disputes arise, ownership can appear more attractive than long-term rentals. 

The report also notes MTN’s long operational relationship with the tower company through site sales and lease arrangements across markets.

For investors, the signal is mixed: acquisitions can create long-term strategic value, but they also raise questions about funding, leverage, and whether the buyer is taking on operational risk that it previously outsourced.

If the deal progresses, it could reset expectations across the sector, operators may reassess whether leasing remains the optimal model, especially in a tighter macro environment.