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MTN Group says it is in advanced talks to buy the 75% stake in IHS Holdings it does not already own, a move that could tighten the telecom operator’s control over critical network infrastructure across Africa and beyond. The company said discussions are ongoing and stressed that no deal is guaranteed.
MTN, based in South Africa, said any offer would be made at a price close to IHS’ most recent market value. IHS shares have fallen sharply over the past year, reflecting investor concerns about debt, interest rates and the cost of operating towers in volatile markets where power and security expenses can be high.
If the talks lead to an agreement, the transaction would effectively bring IHS closer under MTN’s umbrella after years of the two companies working side by side. IHS is one of the world’s largest independent owners of telecom towers, and it earns much of its revenue by leasing space on those sites to mobile operators, including MTN.
At the center of the story is Sam Darwish, the entrepreneur who founded IHS in 2001 and built it into a major player in Africa’s telecom infrastructure boom. Darwish has argued for years that independent tower firms can run networks more efficiently by pooling tenants on a single site, cutting duplication and improving coverage in places where building and maintaining towers is costly.
MTN’s ties to IHS run deep. Over the past decade, mobile operators across Africa have increasingly sold towers to specialist companies in sale and leaseback deals, raising cash while keeping access to the sites through long term contracts. MTN has used that model, and IHS has been a key counterpart, expanding its portfolio and taking on the operational burden of power, maintenance and site security.
A full buyout would signal a shift in strategy, moving MTN from tenant and shareholder to outright owner. Analysts say the appeal could be greater control over network quality and upgrade timelines, especially as operators face rising demand for mobile data and pressure to keep costs down. Ownership could also give MTN more flexibility in how it manages tower investments across markets.
The talks also arrive against a backdrop of governance tensions that have surfaced from time to time between major shareholders and IHS leadership. Any transaction that changes control could reshape how investors view Darwish’s role and the company’s direction, particularly if MTN seeks structural changes after a purchase.
MTN said it will provide updates if discussions reach a stage that requires further disclosure. Investors will be watching closely, not only for the price and financing, but for what the negotiations might mean for the future of IHS under Darwish and for Africa’s wider tower market, where consolidation has become an increasingly common theme.
