IHS Towers Restructures Debt, Prepares for MTN Acquisition

IHS Towers is restructuring its portfolio by allowing struggling tenants to vacate tower sites in exchange for structured debt repayments, part of preparations for its $2.2 billion acquisition by MTN Group. The company, Africa's largest telecom tower operator, is replacing uncertain rental income with guaranteed repayment commitments to reduce revenue risk and improve earnings reliability. Key changes include a deal with T2 Mobile (formerly 9mobile) to vacate 2,576 Nigerian sites by July 2027 in exchange for debt repayment, contributing to a 3,836 tenant churn but securing structured cash flows. This follows a broader portfolio cleanup including Rwanda divestiture (1,467 towers) and net 172 site reductions excluding those exits. Despite these changes, IHS added 580 new sites and 4,328 lease amendments (5G upgrades, solar systems) in 2025, adding 1,148 net tenants. Revenue grew 1.2% YoY to $397.8M in Q4 2025, driven by new tenants and upgrades despite forex headwinds. The restructuring aims to present a cleaner financial profile to investors ahead of MTN's planned acquisition.

SOURCE: https://techcabal.com/2026/03/16/ihs-swaps-tower-access-for-9mobile-debt-repayment/