By Chibuzor Alli
MTN Group has moved closer to completing its proposed $6.2bn (£4.7bn) acquisition of IHS Towers after Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) gave conditional approval for the deal.
The approval removes a major regulatory hurdle for the proposed takeover of the telecommunications infrastructure company.
MTN disclosed the development in its half-year 2026 results, saying the remaining conditions were mainly regulatory, with other approvals either under way or expected soon.
Under the FCCPC’s approval, MTN will be required to sell up to 30% of the Nigerian part of the IHS business at market prices over time.
“With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30 per cent of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out,” MTN stated in its results.
MTN said completing the IHS transaction remained a priority for the second half of 2026 and expected the acquisition to increase revenue, earnings and free cash flow over time.
The company agreed in February to acquire the remaining IHS shares for $8.50 each, which would give it full ownership of the tower company, subject to regulatory and other closing conditions.
The deal would also result in IHS being delisted from the New York Stock Exchange.
IHS operates nearly 29,000 telecommunications towers across Africa and provides infrastructure to mobile network operators, including in several of MTN’s key markets.
IHS shareholders approved the transaction at an extraordinary general meeting in August.
MTN expects the acquisition to close in the second half of 2026, subject to the remaining regulatory approvals and other conditions.
The Nigerian approval is significant because telecommunications infrastructure such as mobile towers provides sites for operators to deploy network equipment and deliver services.
MTN has a longstanding relationship with IHS and has previously used tower sale-and-leaseback arrangements as part of its capital management strategy.
The proposed acquisition would bring the remaining IHS business under MTN’s ownership. However, the FCCPC condition means MTN will have to reduce its stake in the Nigerian component by up to 30% over time.
MTN said the transaction remained subject to the required approvals and that the regulatory process was progressing.
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