MTN Group Ltd. is seeking buyers for a 30% stake in IHS Nigeria Plc., valued between $900 million and $1.1 billion, according to a statement from Chief Executive Officer Ralph Mupita.
The transaction aligns with Nigeria’s antitrust requirements and follows MTN’s earlier plan to acquire the remaining 75% of the tower company it did not already own. IHS Nigeria operates approximately 18,000 mobile-phone towers, making it the largest asset under IHS Holdings Ltd., which is listed in New York.
Proceeds from the sale will be used to reduce debt tied to IHS-related financing, Mupita said. The deal will be executed on a market-oriented valuation basis, he added.
MTN’s move comes amid ongoing efforts to streamline its Nigerian operations and comply with local regulatory frameworks. The company has not disclosed a timeline for the transaction.
