Nigeria regulator demands local ownership for MTN's $6.2 bn IHS tower acquisition
Nigeria’s antitrust authority ordered MTN Group to sell a 30% share of its Nigerian tower unit to domestic investors as a condition for approving its $6.2 billion purchase of IHS Holdings.
Nigeria’s antitrust regulator has made the approval of MTN Group’s $6.2 billion acquisition of IHS Holdings contingent on the sale of a 30% interest in the company’s Nigerian tower unit to local investors. This requirement underscores Abuja’s policy of expanding domestic ownership of critical digital-economy infrastructure. IHS, one of the largest tower operators in emerging markets, will become part of MTN’s strategy to reintegrate network assets and grow tower-related earnings.
While MTN has secured shareholder approval and aims to finalize the deal by year-end, the mandated divestiture adds uncertainty, as local institutions must raise capital amid tight liquidity and foreign-currency constraints. The transaction is projected to lift MTN’s profit immediately and fund a roughly $380 million share-buyback programme announced after a near-25% rise in half-year EBITDA.
Why it matters
The ruling could reshape ownership of Nigeria’s telecom infrastructure and affect a major $6.2 bn cross-border acquisition.
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