Nigeria is set to remain a key market in MTN Group’s proposed $6.2 billion acquisition of IHS Towers after shareholders approved the transaction which brings the telecommunications firm closer to full ownership of the tower infrastructure company.
IHS shareholders approved the merger at an Extraordinary General Meeting on August 4, clearing a major condition for MTN’s acquisition of the shares it does not already own.
Under the deal, MTN will pay $8.50 in cash for each IHS share it does not already hold. The transaction values IHS at approximately $6.2 billion on an enterprise-value basis.
The significance of the transaction for Nigeria stems from IHS Towers’ extensive infrastructure footprint in the country.
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