FG clears MTN's $2.2B IHS Towers deal requiring 30% local stake sale

Nigeria's FCCPC has given conditional approval for MTN to acquire the remaining 19.2% stake in IHS Towers Nigeria for approximately $2.2 billion, but with a key requirement: MTN must sell up to 30% of its stake in IHS Nigeria to local investors at market prices over time. The deal affects nearly 16,000 telecommunications towers used by MTN, Airtel, and T2 Mobile (formerly 9mobile) nationwide.

This condition aims to prevent MTN from gaining excessive control over infrastructure its competitors depend on, as MTN would become the majority tower owner while remaining one of the largest tenants. FCCPC's approval allows MTN to retain majority ownership for greater control over network expansion and costs, while ensuring competitors maintain access to the towers. The requirement could help MTN recoup capital and ease balance sheet pressure from the acquisition.

Local investors now have an opportunity to acquire stakes in a critical telecommunications infrastructure asset, while consumers should monitor for any potential impacts on service quality or pricing as MTN integrates the tower business. The deal's completion timeline remains unspecified in the FCCPC approval, but MTN had previously agreed to the transaction in February 2026. Will this local ownership condition effectively balance MTN's infrastructure ambitions with fair competition in Nigeria's telecom market?

SOURCE: https://techcabal.com/2026/08/25/techcabal-daily-new-landlord-same-old-tenant/