MTN NEARS $6.2BN IHS TAKEOVER AFTER FCCPC APPROVAL

MTN Group has moved closer to completing its proposed $6.2 billion acquisition of IHS Towers after the Federal Competition and Consumer Protection Commission granted conditional approval for the transaction.

The approval removes a major regulatory hurdle for the deal, which would see MTN acquire the remaining shares in IHS Towers and take its ownership of the telecommunications infrastructure company to 100 per cent.

The FCCPC's approval comes with a condition requiring MTN to sell down up to 30 per cent of the Nigerian component of IHS Towers to investors at market prices over time.

MTN said it was comfortable with the condition and remained committed to progressing the transaction, which it identified as one of its priorities for the second half of 2026.

The company said the acquisition is expected to contribute positively to revenue, earnings and free cash flow over time.

MTN had agreed in February to acquire the remaining IHS shares at $8.50 per share in an all-cash transaction. The deal received shareholder approval in August and is expected to close in the second half of 2026, subject to outstanding regulatory and other conditions.

IHS Towers operates thousands of telecommunications towers across Africa and provides infrastructure used by mobile network operators.

For MTN, the acquisition would strengthen its control of critical telecommunications infrastructure across several of its key African markets.

The proposed takeover follows a long-standing relationship between MTN and IHS, including previous tower sale-and-leaseback arrangements.

With the FCCPC approval secured, MTN now needs to complete the remaining regulatory and closing requirements before the acquisition can be finalised.