IHS Towers Revenue Rises As MTN Deal Moves Toward Approvals
IHS reported 10.4% revenue growth as MTN’s plan to buy the rest of the tower company cleared shareholder approval and moved toward regulatory review.
IHS Holding's second-quarter results put tower consolidation back into MTN's operating plan, with Capacity reporting that revenue from continuing operations rose 10.4% year on year to $428.6 million as the carrier's take-private deal moves through approvals.
The results arrived one week after IHS shareholders approved MTN Group's plan to buy the shares it does not already own.
The transaction values IHS at about $6.2 billion, with MTN paying roughly $2.2 billion in cash for the approximately 75% stake outside its existing 24.7% holding.
Revenue Improves Before Ownership Changes
The quarter gave IHS a stronger operating base before the deal closes.
Currency movement supplied much of the lift, with a 13.5% benefit from the Nigerian naira; leverage stood at 2.8x and adjusted levered free cash flow rose 5.9% to $57.1 million.
The proposed acquisition covers nearly 29,000 towers across six markets: Nigeria, Cameroon, South Africa, Rwanda, Côte d’Ivoire and Zambia.
Shareholder Vote Clears One Gate
IHS shareholders approved the transaction on August 4 at an extraordinary general meeting, clearing the required two-thirds majority.
Regulatory approval in the relevant jurisdictions remains the next condition before completion.
Bringing the remaining stake under group control would give the operator direct ownership of infrastructure that supports mobile coverage, network expansion and cost planning across six of its key African markets.
MTN's Ambition 2030 strategy treats towers as a critical value driver rather than a separate real-estate holding.
The operational effect would be a simpler link between mobile-network investment decisions and the passive infrastructure that carries traffic.
Tower Control Becomes A Network Lever
For African telecom operators, towers sit between capital discipline and coverage growth.
Independent tower-company models can spread infrastructure cost, but full ownership can give an operator more control over upgrades, tenancy decisions and energy planning when network demand rises.
The remaining question is regulatory timing, not shareholder support.
Until approvals are complete, IHS continues to report as a public tower company; if the transaction closes, MTN would absorb one of Africa's largest tower portfolios while carrying the integration and capital-allocation choices that come with it.
