MTN Group, a leading mobile network operator (MNO) by subscriber base in Nigeria, has secured conditional approval from the Federal Competition and Consumer Protection Commission (FCCPC) for its proposed acquisition of the remaining stake in IHS Holding Limited.
The regulatory approval represented another investment milestone in the telco group’s planned $2.2 billion takeover of the tower company.
Specifically, the approval of the transaction by the commission was based on the condition that MTN should sell down up to 30% of the Nigerian component of the IHS business at market prices over time and the MNO’s management had agreed to the terms of the acquisition of the assets.
The approval was sequel to the 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.
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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 approval by the FCCPC has now removed a regulatory hurdle as MTN has now been moving towards completing the acquisition and consolidating greater ownership of IHS Towers’ infrastructure in Nigeria and across its wider operating footprint.
