FCCPC clears MTN’s $6.2 billion IHS takeover, but with a condition

MTN Group has secured conditional approval from Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) for its proposed $6.2 billion acquisition of IHS Holding Limited, marking a significant progress in the completion of one of Africa’s largest telecommunications infrastructure transactions.

The development was disclosed in MTN Group’s half-year 2026 financial results released on Monday and seen by Nairametrics.

According to the telecoms giant, the transaction continues to progress through the required regulatory approval processes, with several key clearances already obtained.

What they are saying

MTN said the proposed acquisition remains a strategic priority in H2 2026 and is expected to strengthen the Group’s long-term earnings profile, revenue growth and free cash flow generation.

The company disclosed that the FCCPC has granted conditional approval for the Nigerian component of the transaction, subject to a gradual reduction of its ownership in part of the acquired business.

• “The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) and several others, with other approvals underway or imminent.
• “With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out.”

Get up to speed

The FCCPC approval comes weeks after shareholders of IHS Holding Limited approved the proposed takeover.

• At an Extraordinary General Meeting held on August 4, 2026, IHS shareholders passed a special resolution authorizing the transaction with the required two-thirds majority vote.
• The approval satisfied a key condition for the completion of the acquisition, which MTN first announced on February 17, 2026.
• MTN already holds a significant minority stake in IHS and has maintained a longstanding commercial relationship with the tower operator across several African markets.

Over the years, MTN has sold thousands of telecom towers to IHS under sale-and-leaseback agreements, including a landmark transaction in South Africa involving more than 5,700 sites in 2022.

Those arrangements allowed MTN to unlock capital tied to infrastructure assets while maintaining operational access through long-term lease agreements.

A successful acquisition would effectively reverse that strategy by bringing key tower assets back under MTN’s direct ownership and control.

What you should know

The proposed transaction has attracted significant regulatory scrutiny due to the strategic importance of telecommunications infrastructure.

• Earlier this year, Nigeria’s Minister of Communications, Innovation and Digital Economy, Bosun Tijani, said the Federal Government would subject the deal to a comprehensive review, citing its implications for competition, national security and critical infrastructure management.
• The all-cash transaction would see MTN acquire all outstanding shares of IHS Holding Limited, delist the company from public markets and operate it as a wholly owned subsidiary.

If completed, the deal would rank among the largest telecom infrastructure acquisitions in Africa and significantly expand MTN’s control over critical network assets across its operating markets.