MTN Group Limited has agreed to acquire the remaining shares of IHS Holding Limited it does not already own in an all-cash transaction, the companies announced on 17 Feb.
The offer price of $8.50 per IHS share implies an enterprise value of $6.2 billion. MTN, Africa’s largest mobile network operator, said the structure of the transaction is designed so that, following IHS’ previously announced disposals of its Latin American businesses, MTN will own 100% of IHS’ African tower portfolio upon completion.
IHS, which is listed on the New York Stock Exchange and operates shared communications infrastructure globally, will be delisted from the exchange once the transaction closes, according to the announcement.
Offshore law firm Appleby is representing MTN and advising on all Cayman Islands legal aspects of the deal. The firm said its team is led by corporate partner Dean Bennett, supported by counsel Vance Power and other members of its public company M&A team.
