MTN gets Nigerian approval for IHS deal with 30% sell-down condition
The approval comes with a condition that MTN must sell down up to 30% of its stake in the Nigerian component of IHS at market prices over time.
Nigeria's FCCPC has granted conditional approval for MTN Group's acquisition of the remaining IHS Towers stake, subject to a 30% sell-down over time. This addresses competition concerns, as IHS Nigeria manages over 16,000 telecom towers crucial to MTN and rivals. The condition allows regulators to oversee the infrastructure without blocking the deal.
Despite the sell-down, MTN will maintain majority control of IHS Nigeria. The arrangement acknowledges infrastructure ownership's complexity in a market dominated by one operator. The sale also aids MTN's financial management, enabling capital recycling and reducing balance sheet pressure. MTN anticipates growth acceleration in the second half of 2026, driven by factors like airtime lending normalisation and market expansion.
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