Africa Analysis MD Andre Wills says MTN's R35-billion tower buyback is a one-off, not an industry trend reversal.

TechCentral

MTN Group's $2.2-billion acquisition of the remaining 75.3% of IHS Towers is driven by unique circumstances in the MTN-IHS relationship rather than a broader industry reversal of the asset-light model. Key factors include restructuring long-term lease liabilities, resolving corporate governance disputes, and reducing Nigerian naira/USD currency exposure. Industry analyst Andre Wills explains that while the deal makes sense for MTN given its existing 25% stake and balance sheet strength, most operators globally still lack the financial capacity or strategic incentive to reacquire tower assets. Infrastructure ownership strategies vary widely by country, market size, geography, and local regulation, as illustrated by contrasting approaches from Vodacom, Cell C, and operators in the DRC and Egypt.

The real reason MTN is bringing its towers back in-house