IHS shareholders back MTN’s US$6.2bn buyout; regulators now set the timetable

Approval by special resolution on 4 August clears the corporate hurdle. Completion depends on the Nigerian Communications Commission and regulators in other markets.

September 25, 2026

Shareholders of IHS Holding Limited approved its acquisition by MTN Group by special resolution at an extraordinary general meeting on 4 August 2026. MTN agreed in February to pay US$8.50 per share in cash for the shares it does not own, valuing IHS at an enterprise value of about US$6.2bn.

The terms

MTN held about 24% of IHS on a fully diluted basis before the deal. IHS says the price is about 239% above its share price when it announced a strategic review on 12 March 2024, and about 36% above its 52-week volume-weighted average price in early February 2026. Wendel, a major IHS shareholder, entered into a voting agreement supporting the transaction.

Advisers

J.P. Morgan is financial adviser to IHS, with Latham & Watkins and Walkers as legal counsel. BofA Securities and Citigroup are financial advisers to MTN, and Cravath, Swaine & Moore is MTN’s legal counsel. Cleary Gottlieb advised Wendel on its voting agreement, and Fried Frank advised J.P. Morgan.

What remains

Nairametrics reports that regulatory approvals are still in progress, including from the Nigerian Communications Commission and regulators in other jurisdictions where IHS operates. MTN’s chief executive, Ralph Mupita, described the vote as an important step toward completion.

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For Nigerian practitioners, the notable feature is that a tower company serving several operators will be wholly owned by one of its principal tenants. Sector and competition regulators can be expected to look at access terms for other operators, and those conditions, if any, will shape how the combined business is run in Nigeria.

Why it matters

Unusually for a business with major Nigerian operations, the transaction is governed by US listing rules and Cayman Islands company law. The division of labour among the advisers reflects that: US counsel on the merger and securities work, Cayman counsel on the corporate process, and regulatory approvals in each operating market.

The Meridian Editorial Team

Andrew U. — Editorial Director | Damilare A. — Intelligence Director | Amaka Nwoye — Senior Legal Research Analyst | Salome Mensah — Market Intelligence Analyst | May Ndlovu — Editorial Researcher | K.K. Lawal — Senior Correspondent | The Meridian’s editorial team brings experience across West African legal markets, commercial law, market intelligence and structured research. Our standard is simple: evidence first, independent judgement, and analysis grounded in how legal work happens in practice.