IHS Holding Limited (IHS) announced Tuesday it's heading off the public markets. The company, which operates as IHS Towers and provides digital infrastructure across Africa, has agreed to be acquired by MTN Group Limited (MTNOY) in a deal that values the business at roughly $6.2 billion.
Shareholders will pocket $8.50 per share in cash under the definitive merger agreement. The IHS Towers Board of Directors unanimously approved the transaction and is recommending shareholders do the same. It's a significant pairing that brings together MTN, Africa's largest mobile network operator, with one of the continent's most important infrastructure players.
Deal Structure and Support
MTN plans to fund the acquisition through a mix of its existing stake in IHS Towers, cash on hand, and debt facilities already in place. The financing approach suggests MTN is leveraging what it already owns rather than raising entirely new capital.
Here's where it gets interesting: MTN and long-term shareholder Wendel are backing the deal, which means more than 40% of shareholders are already on board. That's substantial support heading into the approval process. Once everything closes, expected sometime in 2026 pending shareholder and regulatory sign-offs, IHS Towers will become a wholly owned MTN subsidiary and its shares will be delisted.
Premium Pricing and Strategic Timing
The $8.50 per share price tag carries some impressive premium numbers. It represents a 239% premium over where IHS Towers was trading when the company announced its strategic review back in March 2024. Even compared to more recent trading, the offer provides a 36% premium to the 52-week volume-weighted average price as of February 4, 2026.
Those figures tell you something about how far IHS Towers' stock had fallen and why the board jumped at this offer.
Wendel Cashes Out
Long-time shareholder Wendel holds a 19% stake in IHS Towers and will receive full liquidity through this transaction. The firm expects net proceeds of approximately $535 million from the sale.
Wendel's support isn't surprising given its broader strategic pivot. The investment firm has been refocusing its portfolio on direct investments in controlled, unlisted companies. This exit fits neatly into that strategy, and Wendel has been busy generating liquidity through asset sales, rotating roughly 1.65 billion euros worth of holdings recently.
IHS Price Action: IHS Holding shares traded down 1.45% at $8.17 at the time of publication on Tuesday.
