IHS Holding Limited shareholders have approved MTN Group's proposed acquisition of the remaining shares in the tower infrastructure company, clearing a major milestone in the transaction.
According to an update issued by the Group on Wednesday, the approval was secured at an Extraordinary General Meeting (EGM) held on August 4, 2026. IHS shareholders passed the transaction through a special resolution with the required two-thirds majority.
The development fulfils one of the conditions for the completion of the deal, which MTN first announced on February 17, 2026, when it disclosed plans to acquire the outstanding shares in IHS. Despite the shareholder approval, the transaction remains subject to regulatory approvals in the relevant jurisdictions, which MTN said are still ongoing.
Strategic Shift for MTN Ambition 2030
Commenting on the development, MTN Group President and Chief Executive Officer, Raph Mupita, described the shareholder approval as an important step toward completing the acquisition. He noted that tower infrastructure plays a central role in the company's long-term growth strategy under its Ambition 2030 framework.
According to Mupita, the three platform strategy views towers as a critical value creation driver. He stated this will strengthen MTN's strategic and financial position for the future, in a world where digital infrastructure and AI are becoming increasingly essential to Africa's growth and development.
MTN already owns a significant minority stake in IHS and has a deep operational relationship with the tower company across several African markets. Over the past decade, MTN has sold thousands of passive network sites to IHS through sale and leaseback arrangements, including a major deal in South Africa in 2022 that involved more than 5,700 towers.
These transactions enabled MTN to unlock capital tied up in infrastructure while retaining long-term access to towers under master lease agreements. A full acquisition of IHS would mark a notable strategic shift for MTN, effectively reversing years of infrastructure outsourcing by bringing tower assets back under its direct control.
Regulatory Scrutiny in Nigeria
MTN's plan to completely acquire IHS has drawn regulatory scrutiny in Nigeria, with the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, calling for a comprehensive regulatory review of the deal.
The Minister, in a statement issued shortly after MTN's announcement in February, said the proposed acquisition would not be treated as a routine corporate transaction due to the sensitivity of telecoms infrastructure assets. He stressed that the government's objective is to ensure that any consolidation protects consumers and sustains long-term sector health.
IHS is licensed by the Nigerian Communications Commission (NCC) as a telecom infrastructure service provider.
