MTN Seeks 30% Investment from Nigerian Investors to Acquire $1.1bn IHS Stake
Emma Okonji MTN Group is seeking Nigerian investors to acquire up to 30 per cent stake in IHS Nigeria, to enable the group conclude the acquisition of IHS Holding Limited
MTN Group is seeking Nigerian investors to acquire up to a 30 per cent stake in IHS Nigeria, paving the way for the acquisition of IHS Holding Limited, valued between $900 million and $1.1 billion. The potential sale of the 30 per cent stake could generate significant funds for MTN, as reported by Bloomberg. The Federal Competition and Consumer Protection Commission (FCCPC) recently gave conditional approval to MTN for the acquisition of IHS Nigeria.
MTN Group CEO Ralph Mupita confirmed that funds from the sale would be utilized to reduce debt associated with the transaction, while the exact value of the stake will be determined through market valuation. IHS operates approximately 29,000 telecom towers across Africa, with a substantial presence in Nigeria and South Africa.
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