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 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 would strengthen MTN’s ownership of critical digital infrastructure across its African markets and support the group’s broader strategy of expanding its infrastructure portfolio.
Greater ownership of the tower assets is expected to provide MTN with increased control over infrastructure that supports mobile connectivity and digital services, while creating opportunities for long-term value generation across its operating markets.
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 clearance therefore removes a key regulatory hurdle as MTN advances towards completing the acquisition and consolidating greater ownership of IHS Towers’ infrastructure in Nigeria and across its wider African footprint.
The transaction also highlights the growing strategic importance of telecommunications towers and other digital infrastructure as African markets expand mobile connectivity, data consumption and digital services.
