A wave of mergers and acquisitions is reshaping major sectors in 2026, particularly energy, telecommunications, and broadband services.

These transactions point to a clear shift toward consolidation, as companies combine assets to cut costs, achieve scale, and strengthen control over infrastructure-intensive industries.

The transactions covered in this article are based on regulatory filings, stock exchange disclosures, and company announcements between January and June 2026.

The combined disclosed value of major deals in this period is at least $6.5 billion, driven mainly by the proposed MTN Group acquisition of IHS Towers.

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However, several deals do not have publicly disclosed transaction values but remain strategically significant.

A number of these transactions also build on momentum from late 2025, when major energy sector deals were completed and carried into 2026 reporting and integration cycles.

This created a stronger base for continued consolidation, especially in oil and gas and digital infrastructure.­­

This article includes major M&A transactions announced, completed, or progressing through regulatory processes in H1 2026. Some deals remain subject to approvals, while undisclosed-value transactions were included based on their strategic importance.

What the Data Is Saying

The 2026 deal activity is concentrated in two main sectors: In telecommunications and internet services, operators are combining infrastructure. In oil and gas, local companies continue to increase ownership of strategic assets.

Access Bank / Finance Trust Bank – Undisclosed value

Access Bank Plc’s acquisition of Finance Trust Bank in Uganda forms part of its wider expansion strategy across Africa. Although the transaction was first announced in 2024, regulatory processes continued into 2026 and is still undergoing regulatory review.

The transaction strengthens Access Bank’s presence and deepens its East African footprint and supports its long-term goal of becoming a leading pan-African banking group. Finance Trust Bank adds to its retail and SME banking footprint in Uganda.

While the value of the deal has not been made public, it reflects a pattern where Nigerian banks continue expanding across African markets through targeted acquisitions.

Legend Internet Plc / Spectranet – Undisclosed Value

One of the most notable transactions in Nigeria’s internet services market this year is the proposed merger between Legend Internet and Spectranet.

Announced in March 2026, the merger would create a combined entity with an estimated market capitalisation of about N80 billion. Both companies are active competitors in broadband and internet services, operating fibre and wireless networks across major cities.

The reason behind the transaction is straightforward. Building and maintaining broadband infrastructure is expensive, and operators are under pressure to improve coverage while managing costs. By combining networks and resources, the merged company hopes to achieve greater scale and improve efficiency.

The deal has already received approval from the boards and shareholders of both companies and is awaiting regulatory approvals, hence still pending. The parties indicated completion was targeted for Q2 2026.

This deal reflects ongoing consolidation in Nigeria’s internet service provider market, where many operators face high capital costs and limited economies of scale.

BlueCore Gas InfraCo / Axxela — Undisclosed value

BlueCore Gas InfraCo completed its acquisition of Axxela Limited, one of Nigeria’s largest privately owned gas infrastructure companies.

The purchase price was not disclosed. However, Rand Merchant Bank arranged a $285 million debt financing package to support the transaction, providing a sense of the deal’s scale. The structure suggests a leveraged acquisition supported by external funding.

The acquisition gives BlueCore control of Axxela’s gas infrastructure assets, including facilities used to process, transport, and distribute natural gas. This is significant because natural gas plays an important role in supplying energy to industries and businesses across Nigeria.

Aradel Holdings / ND Western – $300 million

Aradel Holdings completed its previously announced acquisition of an additional 40% stake in ND Western Limited in 2026. This increased its ownership from 41.67% to 81.67%, giving Aradel control of the company.

The deal is valued at $300 million and represents a major step in Aradel’s strategy to expand its control in Nigeria’s upstream oil and gas sector. ND Western holds a major stake in Oil Mining Lease (OML) 34, a producing oil and gas asset in the Niger Delta.

With this transaction, Aradel has strengthened its position as one of Nigeria’s leading indigenous energy companies. The acquisition also increases its indirect exposure to other energy assets linked to ND Western’s portfolio, improving its overall production base.

The deal was completed in 2026 after receiving all required regulatory approvals. It reflects a broader trend of local companies increasing ownership of strategic oil and gas infrastructure in Nigeria.

MTN Nigeria / MoMo PSB & YDF – N152.06 billion ($110.95 million)

MTN Nigeria Communications Plc announced plans to sell a 60% stake in its fintech subsidiaries MoMo Payment Service Bank and Y’ello Digital Financial Services (YDF) to MTN Group in a deal valued at N152.06 billion.

The transaction is part of MTN Group’s Ambition 2030 strategy and will see MTN Group’s subsidiary Fintech B.V. take a controlling stake in the fintech subsidiaries, while MTN Nigeria retains a 40% ownership interest.

Following the deal, both parties will transfer their stakes into a new holding company that will be regulated by the Central Bank of Nigeria.

The fintech subsidiaries are currently operating at a loss, and MTN Nigeria says the transaction will allow MTN Group to provide the capital needed to accelerate their growth. At the same time, it enables MTN Nigeria to focus more resources on its core telecommunications business.

The transaction is expected to be completed by December 31, 2026, subject to regulatory approvals.

MTN Group / IHS Towers – $6.2 billion

The biggest deal so far in 2026 is MTN Group’s proposed acquisition of IHS Towers. In February 2026, MTN Group announced plans to buy the remaining 75% stake in IHS that it does not already own, valuing the company at about $6.2 billion. This is as stated in MTN Nigeria Plc’s full year 2025 financial statement and according to MTN Group and IHS Towers announcements.

Shareholders will receive $8.50 per share under the deal.

The transaction will give MTN full ownership of IHS’ African tower business after the company exits its Latin American fibre and towers operations in February 2026. Once completed, IHS will be removed from the New York Stock Exchange and become a wholly owned subsidiary of MTN.

The deal is particularly important in Nigeria because IHS owns telecom towers used by MTN Nigeria and other operators to provide mobile services.

MTN expects the acquisition to improve efficiency and support earnings growth. The transaction is still awaiting regulatory and shareholder approvals. If completed, it will bring telecom towers and mobile network operations under one company, making it one of the most significant telecom infrastructure deals in Africa in recent years.

What You Should Know

Several of these deals are still awaiting regulatory approval. Decisions by regulators in Nigeria and other countries will determine whether the transactions are completed as planned.

If completed, the MTN Group / IHS Towers deal would strengthen MTN’s position in Africa’s telecom infrastructure market. This could influence pricing, investment decisions, and how operators share infrastructure across African markets.

The planned sale of MoMo PSB and YDF adds to this shift, as MTN moves to run its fintech business separately from its Nigerian telecoms operations.

Overall, the 2026 deal environment so far shows fewer but larger transactions, with a clear focus on infrastructure, energy control, and market consolidation.