MTN Moves Closer to $6.2 Billion IHS Acquisition After Shareholder Approval

MTN Group  has moved a step closer to completing its proposed acquisition of IHS Holding Limited  after IHS shareholders overwhelmingly approved the transaction at an Extraordinary General Meeting (EGM)  held on 4 August 2026. The approval satisfies one of the key conditions required for the deal to proceed, with regulatory approvals across relevant markets still pending.

The proposed acquisition, first announced in February 2026, will see MTN acquire the remaining shares in IHS Holding Limited, bringing together Africa’s largest mobile network operator with one of the continent’s leading independent telecommunications infrastructure providers.

According to MTN, the transaction aligns with its Ambition 2030 strategy, where digital infrastructure plays a central role in driving long-term growth and value creation.

“The approval by IHS shareholders is an important step toward completion of the Transaction. Within our Ambition 2030, the three-platform strategy, towers are a critical value-creation driver that 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.”

– Ralph Mupita, President and CEO, MTN Group

The acquisition reflects a broader shift in Africa’s telecommunications sector, where infrastructure ownership is becoming increasingly strategic. Mobile towers have traditionally been viewed as passive assets supporting network coverage. However, with growing demand for cloud services, edge computing, artificial intelligence, 5G deployment, and data-intensive applications, tower infrastructure is increasingly recognised as a foundation for the continent’s digital economy.

By integrating IHS Towers into its operations, MTN aims to strengthen its infrastructure capabilities while supporting future network expansion across its markets.

At the EGM, shareholders representing more than 264 million ordinary shares approved all proposals submitted by the company’s Board of Directors, including the merger agreement and the associated plan of merger. As the principal resolution received the required approval, a secondary proposal to adjourn the meeting was not considered.

Although shareholder approval marks a significant milestone, the transaction has not yet been completed. MTN confirmed that the acquisition remains subject to the necessary regulatory approvals before it can be finalised.

If approved, the deal would represent one of the most significant infrastructure transactions in Africa’s telecommunications industry, reinforcing the growing convergence between mobile network operations and digital infrastructure ownership as operators position themselves for the next phase of the continent’s digital transformation.