South African telco MTN Group is in talks to acquire the remaining stake in IHS Towers that it does not already own.

Both companies confirmed the discussions, with MTN Group pushing to snap up the 75 percent stake it doesn't currently own.

Neither company has confirmed financial details, though the stake is estimated to be worth around $2.7 billion.

IHS Towers is a tower infrastructure company focused on the emerging markets. The company has more than 37,000 towers across its seven markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Nigeria, South Africa, and Zambia.

"IHS Towers confirms that discussions are ongoing with MTN regarding a potential acquisition by MTN of all remaining shares it does not already own in IHS Towers," said IHS last week.

According to IHS Towers, "the approach is non-binding, has not been agreed upon, and there is no certainty that a transaction will be agreed upon or as to the final terms of any such agreement."

MTN noted that the potential offer price is near IHS's last trading price on the New York Stock Exchange as of February 4, 2025.

In recent years, MTN offloaded 5,700 towers to IHS in South Africa through sale and leaseback agreements.