MTN to Buy Remaining IHS Towers Stake for $2.2 Billion (1)

MTN Group Ltd. agreed to take over the approximately 75% stake in mobile infrastructure company IHS Holding Ltd. it doesn’t already own for $2.2 billion in cash, uniting Africa’s biggest wireless carrier with one of the continent’s largest tower operators.

IHS investors will get $8.50 per share, the companies said in statements on Tuesday. That’s a 3% premium to IHS’s closing share price on Feb. 4, before Bloomberg News reported on the plans, and a 9.7% premium to the 30-day average as of that day. The transaction values the entire company at about $6.2 billion including debt.

An MTN Group Ltd. center in Johannesburg.

Photographer: Waldo Swiegers/Bloomberg

The deal ...