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.
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
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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 $1.8 billion in revenue and boasts an EBITDA margin exceeding 55% of revenue. The company was listed on the New York Stock Exchange in October 2021, with Wendel maintaining its stake unchanged.
« L'objectif de plus de 200 M€ de FRE pro forma sur l'ensemble de l'année est confirmé »
Risks mentioned
Scalian : chiffre d'affaires en baisse de 5,1 % dans un marché contraint, notamment en France
CPI : incertitudes sur les financements fédéraux américains pesant sur la demande
Décollecte nette de 0,09 Md$ sur le BDC non coté Monroe Capital Income Plus
Opportunities identified
Acquisition de Committed Advisors portant les encours à 48,7 Mds€ et diversifiant vers le secondaire
Levées de fonds de 2,2 Mds€ au S1 2026 et pipeline commercial jugé très positif
Environ 1,65 Md€ de produits attendus des cessions de Stahl et IHS pour financer croissance et retours
Outlook / guidance
Management commentary: Une croissance organique modérée à élevée à un chiffre de son chiffre d'affaires (contre une croissance organique modérée à un chiffre […] du chiffre d'affaires précédemment)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
