IHS Holding Cleans House: 4QFY25 Results Signal Final Prep for $6.2B MTN Merger

IHS Holding Limited ’s 4QFY25 results reveal a strategic effort to streamline its operations ahead of the proposed $6.2 billion acquisition by MTN Group Limited.  The company has undertaken a portfolio “cleanup,” which involves divesting non-core assets and resolving troubled tenant relationships in exchange for cash, positioning itself for a smoother merger process.

A key part of this initiative centers on T2 (formerly 9mobile), IHS’s smallest major customer in Nigeria. Under an updated Q3 2025 agreement, T2 agreed to vacate IHS sites, committing to settle portions of its historic overdue balances through July 2027. This arrangement led to the churn of 2,576 tenants in Nigeria during 2025, reducing the overall tenant count but strengthening IHS’s long-term receivables outlook.

Globally, IHS has been aggressively restructuring in preparation for the MTN merger. In Latin America, the company agreed to sell its tower operations in Brazil and Colombia to Macquarie Asset Management for approximately $952 million, and its 51% stake in the fiber network I-Systems to TIM S.A. for about $453 million. In Africa, the sale of IHS Rwanda to Paradigm Tower Ventures in October 2025 generated a net gain of $177.7 million. Additionally, IHS used cash flow to repay high-interest debt in Nigeria and Brazil, reducing net debt by $154 million during the year.

The proposed merger, announced in February 2026, values IHS at $8.50 per ordinary share. By resolving legacy tenant issues and exiting the Latin American market, IHS is presenting MTN with a leaner, Africa-focused infrastructure platform. This transition is further supported by a new NGN100.0 billion (approximately $69 million) revolving credit facility established in January 2026 to maintain liquidity during the acquisition process.