The board of IHS Holding Limited has unanimously endorsed MTN Group’s proposed $2.2 billion acquisition of the telecom infrastructure giant, moving the deal closer to shareholder approval and a potential delisting from the New York Stock Exchange (NYSE).
In a regulatory filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 19, IHS confirmed that its board considers the transaction to be in the best interests of both the company and its shareholders. Directors also stated that MTN’s all-cash offer of $8.50 per share represents fair value for ordinary shareholders.
The acquisition, first announced in February 2026, would see MTN acquire all outstanding IHS shares through a Dutch subsidiary, effectively taking the company private less than five years after its 2021 public listing.
Shareholders are expected to vote on the proposal during an extraordinary general meeting scheduled to take place in London later this year. The transaction requires support from at least two-thirds of votes cast to proceed.
MTN enters the vote with significant backing already secured. The telecom group’s investment arm, which controls approximately 21% of IHS voting rights, has committed to supporting the transaction. French investment company Wendel, holder of roughly 20% of voting power, has also pledged its approval. Combined, both shareholders account for more than 40% of the company’s voting rights.
The deal further deepens MTN’s control over one of Africa’s largest telecommunications infrastructure providers. MTN is already IHS’s largest shareholder and biggest customer, contributing nearly 62% of the tower operator’s revenue. The company says full ownership will strengthen its strategic control over critical telecom infrastructure across key African markets.
Before the acquisition can be finalized, IHS must complete the divestment of its Latin American operations, a condition tied to the transaction.
The SEC filing remains preliminary, with final voting procedures and meeting details expected to be released ahead of the shareholder vote.
The proposed acquisition signals another major consolidation move within Africa’s telecom infrastructure sector, as operators seek tighter control over network assets amid growing demand for connectivity, data services, and digital expansion across the continent.
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