MTN Wins Nigerian Approval for IHS Towers Takeover, With a Catch

MTN Group has cleared a major hurdle in its plan to take full control of IHS Towers, the company that owns the masts carrying much of Nigeria's mobile traffic. Nigeria's competition regulator has approved the deal, but only on one condition. MTN first announced its plan to raise its stake in IHS, then 24.7 percent, to full ownership in February 2026.
What approval MTN got
The Federal Competition and Consumer Protection Commission (FCCPC) gave conditional approval, which MTN disclosed in its first-half 2026 results. MTN must sell up to 30 percent of the Nigerian side of the IHS business to local investors, at market prices and on an arm's-length basis. The Nigerian Communications Commission (NCC) has also given an approval in principle. It says final clearance depends on safeguards, including that MTN gets no exclusive rights over IHS towers and that existing contracts stay unchanged.
Why the deal matters
IHS Nigeria runs about 18,000 towers, its largest market in Africa. Rival networks use these towers too, which is why regulators were careful. If the biggest operator owns the masts its competitors depend on, access and fairness become a worry. MTN sold many of its towers years ago to free up cash. Buying IHS back gives it more control over how its network grows. MTN would pay about $2.2 billion for the shares it does not own, with the whole company valued at roughly $6.2 billion including debt. The forced sell-down means Nigerian investors will own a real share of the business.
What could happen next
The deal is not finished. IHS shareholders approved it in August, and MTN says it expects to close in the second half of 2026. South Africa is the next test. Its Competition Commission has recommended that the Competition Tribunal approve the deal with conditions, including equal access to IHS infrastructure for all customers and no preferential treatment for MTN's South African arm. The Tribunal has the final say. MTN also needs the approval of South Africa's telecom regulator, ICASA. Meanwhile, MTN has started looking for Nigerian buyers for the 30 percent stake. Reports say it could fetch between $900 million and $1.1 billion, and MTN plans to use the money to cut debt linked to the deal. For ordinary phone users, little changes overnight. Any gains in network quality would come slowly, and much depends on how the sell-down and the regulators' conditions play out.