Wendel Backs MTN's Acquisition Offer for IHS Towers
Wendel announces its support for the acquisition offer made by an affiliate of the MTN group to acquire IHS Holding Limited, allowing the group to sell its entire 19% stake for approximately $535 million.
Details of the Offer
MTN's offer is priced at $8.5 per share, representing a 36% premium over the weighted average share price for the 52 weeks preceding February 4, 2026. The board of directors of IHS Towers has approved this offer. Upon closing of the transaction, Wendel will receive the full cash equivalent to its approximately 19% stake in IHS, amounting to a disposal proceeds of about $535 million. This price represents a 21% premium over the last value in the NAV published by Wendel as of September 30, 2025. The transaction is expected to close in 2026, subject to approval from IHS shareholders, regulatory approvals in relevant markets, and customary closing conditions.
Profile of IHS Towers
Founded in 2001, IHS Towers is one of the world's largest independent owners, operators, and developers of shared telecommunication infrastructure in terms of number of towers, operating in emerging markets. The company owns more than 37,000 towers across seven markets: Brazil, Cameroon, Colombia, Ivory Coast, Nigeria, South Africa, and Zambia. Wendel has been one of the major minority shareholders of IHS since 2012. Over the past 13 years, IHS has grown to generate $1.8 billion in revenue and boasts an EBITDA margin exceeding 55% of revenue. The company was listed on the New York Stock Exchange in October 2021, with Wendel maintaining its stake unchanged.
