MTN Group, Africa’s largest mobile network operator, said on Thursday that it is in advanced discussions to acquire the 75% stake in IHS Holdings that it does not already own, in a transaction that could value the tower infrastructure company at about $2.76 billion.
According to Reuters, MTN, which currently leases IHS towers in Nigeria and South Africa, said any potential offer would be based on IHS Holdings’ most recent closing price on the New York Stock Exchange.
Shares of U.S.-listed IHS Holdings closed 5% lower on Wednesday at $8.23, giving the dual-listed company an estimated market value of roughly $2.76 billion, according to Reuters calculations. IHS Holdings is also listed on the Frankfurt Stock Exchange.
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MTN said no final agreement has been reached. If the talks are successful, the acquisition would give the telecoms group greater control over its tower infrastructure.
If negotiations do not result in a deal, MTN said it would consider alternative ways to unlock value from its existing stake, while still adhering to its capital allocation framework.
MTN and IHS Towers have a long-standing commercial relationship, with MTN acting as IHS’s largest customer across several African markets and also holding a significant shareholding in the company.
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