By Annette Ikponmwonba | August 26, 2026
Keypoints
- FCCPC has granted conditional approval for MTN Group’s proposed $6.2bn acquisition of IHS Towers.
- MTN will be required to sell down up to 30% of the Nigerian component of the IHS business over time.
- MTN expects the acquisition to boost revenue, earnings and free cash flow.
- IHS shareholders have already approved the transaction.
- The deal is expected to close in the second half of 2026, subject to remaining approvals.
Main Story
MTN Group has moved closer to completing its proposed $6.2bn acquisition of IHS Towers after Nigeria’s Federal Competition and Consumer Protection Commission granted conditional approval for the transaction, The approval removes a major regulatory hurdle for the deal, which would give MTN full ownership of IHS Towers, subject to outstanding regulatory and closing conditions.
Under the FCCPC’s conditions, MTN will have to sell down up to 30% of the Nigerian component of the IHS business at market prices over time, MTN said it was comfortable with the conditions and identified completing the IHS transaction as one of its priorities for the second half of 2026.
The Issues
The acquisition would significantly increase MTN’s ownership of telecommunications infrastructure across its key African markets, IHS Towers operates nearly 29,000 towers across Africa and provides infrastructure used by mobile network operators to deploy their network equipment.
For MTN, bringing the remaining IHS business under its ownership represents a shift from its previous tower sale-and-leaseback strategy towards greater control of telecommunications infrastructure, However, the FCCPC condition means MTN will not be able to retain complete ownership of the Nigerian component indefinitely, with a sell-down of as much as 30% required over time.
What’s Being Said
MTN said the acquisition is expected to become accretive to revenue, earnings and free cash flow over time, The company also said the regulatory process is progressing, with the remaining conditions described as principally regulatory and other approvals either underway or imminent, IHS shareholders approved the transaction at an extraordinary general meeting in August, strengthening the prospects of the deal closing later this year.
What’s Next
MTN must secure the remaining regulatory approvals and satisfy other closing conditions before the transaction can be completed, If successful, the acquisition will take MTN’s ownership of IHS Towers to 100% and result in IHS being delisted from the New York Stock Exchange, The transaction is currently expected to close in the second half of 2026.
Bottom Line
The FCCPC’s conditional approval puts MTN significantly closer to completing its $6.2bn IHS Towers takeover. The deal would give MTN greater control over critical telecom infrastructure, although the required Nigerian stake sell-down means its ownership will be subject to an important regulatory limitation.
