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MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to acquire the roughly 75% stake in IHS Holding Limited that it does not already own.

The move would give the South African telecom giant full control of one of the world’s largest independent tower companies.

In a cautionary notice to investors on Thursday, MTN confirmed it is evaluating a potential transaction to buy out minority shareholders of the New York Stock Exchange-listed IHS, following recent market speculation around the company.

MTN said any potential offer would be “at a level near to the last trading price” of IHS shares on the NYSE as of February 4, 2025.

MTN warned that if a deal is concluded, it could have a material impact on its share price, urging shareholders to exercise caution when trading the stock until further announcements are made.

MTN already owns a significant minority stake in IHS and has a deep operational relationship with the tower company across several African markets.

MTN has previously raised concerns around corporate governance at IHS, a factor that adds context to its cautious tone in the latest announcement.

The group noted that if the talks do not lead to a deal, it will continue to explore other ways to unlock value from its investment in IHS, in line with its disciplined capital allocation strategy.

Founded in 2001 by Sam Darwish with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure.

Headquartered in London and listed on the NYSE following its 2021 initial public offering, IHS manages more than 37,000 towers across seven markets in Africa, including Nigeria, South Africa, Cameroon, Côte d’Ivoire and Zambia, as well as Latin American markets such as Brazil and Colombia. MTN remains its largest customer.

The potential buyout highlights shifting dynamics in Africa’s telecom infrastructure landscape, as mobile operators reassess the trade offs between owning and leasing critical network assets amid rising data demand and tighter economic conditions.