The board of IHS Holding Limited has backed MTN Group’s plan to take the telecom tower company private, setting the stage for a shareholder vote that could reshape ownership of one of Africa’s largest digital infrastructure providers.
In a Schedule 13E-3 filing to the U.S. Securities and Exchange Commission (SEC) on Tuesday, May 19, IHS confirmed that shareholders will vote on the proposed $2.2 million acquisition at an extraordinary general meeting (EGM) in London later this year.
Under the deal, MTN Group, through its subsidiaries Mobile Telephone Networks (Netherlands) B.V. and Sub-Merger Co, will acquire all outstanding shares of IHS Holding for $8.50 per share in cash. If approved, IHS will become a wholly owned subsidiary of MTN and will be delisted from the New York Stock Exchange (NYSE).
The transaction marks a major shift for the tower operator, which has spent years positioning itself as an independent infrastructure company serving multiple telecom operators across Africa, the Middle East, and Latin America. MTN is already one of IHS Towers’ largest customers and shareholders.
The IHS board said it determined that the merger and related transactions are “in the best interests of the company” and that the $8.50 per-share consideration represents at least fair value for shareholders.
