IHS Holding Ltd (IHS)

IHS Holding Ltd is issuing an additional $200 million principal amount of 7.875% Senior Notes due 2030 to refinance its debt. The proceeds will primarily be used to redeem its outstanding 5.625% Senior Notes due 2026. This refinancing is conditional on IHS receiving sufficient financing.

MTN Group has received conditional approval from Nigeria's Federal Competition and Consumer Protection Commission (FCCPC) for its proposed acquisition of the remaining stake in tower company IHS Holding Limited. The approval is contingent on MTN selling up to 30% of the Nigerian component of the IHS business to local investors at market prices. This regulatory milestone clears a significant hurdle for MTN's planned $2.2 billion takeover, which is expected to strengthen its ownership of critical digital infrastructure across its African markets.

MTN Group has received conditional approval from Nigeria's Federal Competition and Consumer Protection Commission (FCCPC) for its US$2.2 billion acquisition of the remaining stake in tower company IHS Holding Limited. The approval requires MTN to sell down up to 30% of the Nigerian component of IHS business to local investors over time. This regulatory milestone clears a significant hurdle, bringing MTN closer to completing the acquisition in the second half of 2026 and strengthening its ownership of critical digital infrastructure.

IHS Holding (IHS) reported a Q2 loss of US$0.06 per share, a swing from a profit in Q1, despite revenue reaching US$428.6m. While the stock price remained largely unchanged, the shift from profit to loss raises concerns about the company's ability to maintain its previously strong net margins. Investors are evaluating whether the current 4.9x P/E ratio and 34.4% trailing net margins justify the stock's valuation, given forecast earnings declines and balance sheet flags.

IHS Holding reported Q2 2026 results with revenue up 10.4% year-on-year to $428.6 million, though adjusted EBITDA dipped by 1.3%. Shareholders also approved MTN Group’s acquisition of IHS Towers, and the company streamlined its portfolio by selling stakes in Brazilian and Latin American assets. Despite a net income loss, the company improved its balance sheet strength as it prepares for the change of control.