IHS Board Endorses MTN Buyout as $2.2 Billion Deal Heads to Shareholder Vote
In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 19, IHS said its board had determined that the transaction is in the best interests of the company and its shareholders. The board also concluded that MTN's offer of $8.50 per share represents fair value for ordinary shareholders.
The board of IHS Holding Limited has unanimously recommended that shareholders approve MTN Group’ s proposed $2.2 billion all-cash acquisition of the telecommunications infrastructure company, marking a significant step toward taking IHS private.
In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 19, IHS said its board had determined that the transaction is in the best interests of the company and its shareholders. The board also concluded that MTN’s offer of $8.50 per share represents fair value for ordinary shareholders.
The proposed acquisition, which was announced in February 2026, would see MTN acquire all outstanding shares of IHS through a Dutch subsidiary. Upon completion of the transaction, IHS would be delisted from the New York Stock Exchange (NYSE), ending its tenure as a publicly traded company less than five years after its 2021 initial public offering.
Shareholders are expected to vote on the proposal at an extraordinary general meeting to be held in London later this year. For the transaction to proceed, at least two-thirds of votes cast at the meeting must be in favour of the deal.
MTN enters the vote with substantial support already secured. The group’s investment vehicle, which holds approximately 21% of IHS voting rights, has committed to vote in favour of the transaction. French investment firm Wendel, which owns around 20% of the company’s voting power, has also agreed to support the deal. Together, the two shareholders control more than 40% of the voting rights ahead of the meeting.
MTN is both IHS’s largest shareholder and its largest customer, contributing approximately 62% of the tower company’s revenue. The operator has said that full ownership of IHS will provide greater strategic control over critical telecommunications infrastructure across its African footprint.
As part of the transaction requirements, IHS must complete the divestment of its Latin American operations before the acquisition can be finalised.
The proxy statement filed with regulators remains preliminary, with final voting procedures and meeting details expected to be released before shareholders cast their votes.
