MTN Group announced it has reached an agreement to acquire the remaining 75.3 per cent of IHS Holding Limited in an all-cash transaction worth $2.2 billion.

The company already holds a 24.7 per cent stake in IHS.

In a statement on Tuesday, MTN said the deal will give it full ownership of IHS’ African tower portfolio, once the previously announced IHS transaction is completed.

MTN stated that its offer of $8.50 per share represents a 9.7 per cent premium over IHS’ 30-day volume-weighted average price as of February 4, the last trading day before MTN issued its cautionary notice.

“Further to the cautionary announcement released on the Stock Exchange News Service of the JSE Limited on 5 February 2026 (the Cautionary), MTN announces today that it has entered into an agreement with IHS to acquire the remaining shares of IHS not already owned by MTN via an all-cash transaction (the Transaction).

“The structure of the Transaction is intended such that, upon completion of IHS’ announced disposals of its Latin American (LatAm) businesses, MTN will acquire 100% of IHS’ African tower portfolio and assume control over a substantial portion of the Group’s passive mobile infrastructure footprint in Africa.

“IHS announced the disposal of its LatAm fibre and towers businesses on 11 February 2026 and 17 February 2026, respectively.

“The Transaction is expected to deliver operating synergies and efficiencies and to support MTN’s digital infrastructure strategy across Africa. It is anticipated that the Transaction will deliver net income and cash flow accretion,” MTN said.

The company said the $2.2 billion consideration will be financed with approximately $1.1 billion from IHS’ cash on hand at completion, and the remaining $1.1 billion from MTN’s existing liquidity and debt.

MTN confirmed that no new shares will be issued.

After the deal closes, IHS will be delisted from the New York Stock Exchange (NYSE).