MTN Secures Nigerian Regulatory Approval for $2.2bn IHS Towers Deal

MTN Group  has secured conditional approval from Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC)  for its proposed acquisition of the remaining stake in IHS Holding Limited, marking a major regulatory milestone in the telecommunications group’s planned $2.2 billion takeover of the tower company.

The FCCPC has approved the transaction on the condition that MTN sells down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN has indicated that it is comfortable with the conditions attached to the regulatory clearance.

The approval follows shareholder approval of the transaction by IHS Towers shareholders at an extraordinary general meeting. With the FCCPC clearance and other regulatory approvals secured or progressing, MTN expects to complete the acquisition in the second half of 2026.

The transaction is expected to strengthen MTN’s ownership of critical digital infrastructure across its African markets and create opportunities for long-term value generation. The acquisition would bring the tower assets further under MTN’s ownership, supporting the group’s broader strategy of strengthening its infrastructure portfolio.

According to MTN’s published pro forma financial effects, the transaction is expected to be accretive to revenue, EBITDA and adjusted headline earnings per share (HEPS). The acquisition is also projected to increase MTN’s net debt-to-EBITDA ratio, excluding leases, from 0.3x to 0.8x. Despite the increase, the ratio would remain within MTN’s medium-term guidance of no more than 1.0x.

The FCCPC approval therefore removes a key regulatory hurdle as MTN moves towards completing the acquisition and consolidating greater ownership of IHS Towers’ infrastructure in Nigeria and across its wider operating footprint.