MTN Group, Africa’s largest mobile network operator, has agreed to acquire full ownership of IHS Towers in a transaction valued at about $6.2 billion, a move that would take the tower firm private and delist it from the New York Stock Exchange.
The announcement follows IHS Holding Limited’s earlier disclosure that talks were ongoing with MTN to purchase the shares that the telecom company does not already own. If completed, the deal would mark a major shift in how telecom infrastructure is controlled across key African markets.
IHS builds, owns and operates telecom towers that mobile network operators lease to deliver mobile and data services. For years, many operators sold towers to independent companies like IHS to free up capital and lower operating costs, then leased the infrastructure back under long-term agreements. This “neutral host” model also allows multiple operators to share the same sites, reducing duplication and speeding up network expansion.
The direction now appears to be reversing. In 2021, IHS agreed to acquire 5,709 of MTN’s South African towers for over $400 million in a sale-and-leaseback deal, completed in 2022. MTN is now moving from a tenant and minority shareholder to a potential full owner of the platform.
What competitors may worry about
If MTN takes control, other operators that rely on IHS sites, such as Airtel and T2, could face questions around pricing power, access terms and operational independence. While IHS has said T2 agreed to vacate its sites from the third quarter of 2025, Airtel recently renewed tenancy agreements for thousands of sites in Nigeria through 2031.
A completed acquisition would give MTN ownership of over 28,700 towers across South Africa, Cote d’Ivoire, Cameroon, Zambia and Nigeria, serving 10 out of 13 mobile network operators in Africa. Nigeria alone accounts for 15,942 IHS sites.
Tony Izuagbe Emoekpere, chairman of the Association of Telecommunications Companies of Nigeria (ATCON), warned that heavy reliance on leased tower space could weaken other operators’ negotiating leverage if ownership becomes more concentrated.
Is it a monopoly move?
The deal has prompted monopoly concerns, but Emoekpere argued ownership alone may not change market behaviour. “It’s still going to be run as a separate entity,” he said.
“In other countries where this has happened, the infrastructure company continues to operate independently from the MNO. It’s just the ownership structure that changes.”
He added: “If you are providing infrastructure, the more tenants you have, the more profitable you become. So economically, it does not make sense to shut out other operators,” and noted: “MTN has always been a shareholder in IHS… This is not entirely new. What has happened is that they have increased their shareholding to full ownership.”
IHS also faces competition from American Tower Corporation (ATC), which operates over 22,000 sites across multiple African countries.
Why the federal government is reviewing it
Nigeria’s government has signalled it will assess the transaction. Bosun Tijani, minister of communications, innovation and digital economy, said the deal must align with national telecom goals and protect competition and consumers. Emoekpere said, “Every transaction of this magnitude must pass certain tests. It’s not peculiar to Nigeria. Governments assess such deals to ensure national interest is protected.”
What subscribers could feel
Industry insiders say service quality may be a key driver. A telecom executive told a News Platform: “The deal was necessary. There were concerns about poor management of towers and delays in response during downtimes.”
Emoekpere linked the deal to long-running quality-of-service pressure: “One of the major issues raised by regulators has been quality of service… Being in control of the infrastructure could give MTN more decision-making power to manage service delivery, since its subscribers are ultimately affected.”
For customers, that raises expectations. “More responsibility will now rest on the operator,” Emoekpere said. “Subscribers will expect improved quality of service.”
