MTN Group has moved closer to completing its $6.2 billion takeover of IHS Towers, after securing shareholder approval and regulatory clearance in Nigeria and from the Common Market for Eastern and Southern Africa (COMESA). The telecoms group says the deal remains on track for completion before the end of 2026, and would bring 29,000 telecommunications towers across Africa under its ownership.

Three approvals still outstanding

Three regulatory decisions are still outstanding: South Africa's Competition Tribunal, the Economic Community of West African States (ECOWAS) and the Economic and Monetary Community of Central Africa (CEMAC). South Africa's Competition Commission recommended approval in October 2026, but with conditions to protect jobs, historically disadvantaged ownership and fair access for rival operators using IHS infrastructure. The commission also required IHS to remain operationally independent.

Strong trading behind the deal

MTN disclosed the progress in an operating update for the nine months to 30 September 2026, which showed service revenue up 17.2 per cent in constant currency to R176.2 billion. Customer numbers rose 7.2 per cent to 322.9 million, while data revenue grew 28.2 per cent and accounted for 50.4 per cent of service revenue for the first time. Nigeria and Ghana led earnings growth, with operating profits up 32.8 per cent and 42.1 per cent respectively.

MTN plans to buy all outstanding IHS shares at $8.50 each and take the tower company private, paying about $2.2 billion for the roughly 75 per cent it does not already own. Owning the towers outright would let MTN keep more of the value from infrastructure it already uses, while still earning revenue from other operators that lease space on the towers. Chief executive Ralph Mupita said completing the deal remains a major priority for the rest of 2026.

Sources: BusinessDay and Technology Times.