MTN Secures Tower Infrastructure Control with IHS Acquisition

Mobile network operator MTN Group has received conditional approval from Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) to acquire the remaining shares of IHS Towers, a major milestone in its $2.2 billion takeover bid.

The acquisition allows MTN to consolidate control over critical telecommunications infrastructure across Africa’s largest mobile market. While the regulatory body has imposed a condition requiring MTN to sell down up to 30% of its stake in the Nigerian component of IHS at prevailing market prices, the company maintains this aligns with their strategic objectives.

Strategic Implications for Network Expansion

The approval addresses competition concerns raised by IHS Nigeria’s extensive tower portfolio—nearly 16,000 sites used by MTN, Airtel, and other operators. By allowing MTN to retain majority ownership while mandating partial divestment, regulators aim to balance market consolidation with infrastructure accessibility.

This acquisition positions MTN favorably for the expansion of digital services like mobile broadband and 5G across Nigeria. Owning core network infrastructure provides greater control over deployment timelines, costs, and capacity planning—critical factors in a competitive landscape.

The condition on selling down part of the stake may also help manage the financial implications of the broader $6.2 billion acquisition of IHS Towers by allowing MTN to recycle capital and optimize its balance sheet.

MTN’s service revenue growth has moderated recently but is expected to accelerate in the second half of 2026, supported by market normalization and operational improvements across key regions including Nigeria, South Africa, Ghana, Southeast Asia, and Francophone Africa.