MTN Group Ltd., Africa biggest mobile network company, don agree to buy IHS Holding Ltd. for $6.2bn in all-cash deal.
IHS Towers confirm the agreement on Tuesday, say shareholders go collect $8.50 per share. This price represent about 239 per cent premium compared to the company share price when dem start strategic review for March 2024.
According to the statement, the deal give shareholders immediate chance to cash out and enjoy the value wey company don build since dem announce strategic review on March 12, 2024, during time of global economic and political pressure for many markets.
The Board of Directors of IHS Towers don unanimously approve the deal and don agree to recommend make shareholders also approve am.
MTN don also agree say e go vote all the IHS shares wey e get in support of the transaction. Another long-time shareholder, Wendel, don also write letter to support the deal. With both MTN and Wendel support, more than 40 per cent of shareholders don already back the transaction.
Once the deal complete, IHS Towers shares no go dey listed for stock market again, and the company go become full subsidiary under MTN.
Chairman and Chief Executive Officer of IHS Towers, Sam Darwish, say the agreement give shareholders certainty and quick return, while locking in the strong value wey company don create.
According to am, the deal go also strengthen the long-standing partnership between MTN and IHS Towers, as e join Africa biggest mobile operator with one of the continent biggest digital infrastructure platforms.
Darwish thank staff, customers and partners, say for over 25 years, IHS Towers don grow from just one tower for one country to operations across 11 countries, with about 40,000 towers at its peak.
The deal, if completed, go mark one of the biggest telecom acquisitions for Africa and further deepen MTN control over key digital infrastructure across the continent.
