IHS Holding Limited (NYSE:IHS) agreed to acquire 5,709 telecommunication towers in South Africa from MTN South Africa for ZAR 6.4 billion on November 17, 2021. The consideration is on a cash free and debt free basis. The Transaction is subject to certain conditions precedent, including regulatory approvals.

As of March 10, 2022, The competition watchdog has approved the transaction. The acquisition is expected to close in Q1 2022. Citigroup Global Markets Limited and The Standard Bank of South Africa Limited acted as financial advisors and Webber Wentzel acted as legal advisor to MTN South Africa.

Herbert Smith Freehills LLP acted as legal advisor to IHS Holding Limited. Bruce Embley of Skadden, Arps, Slate, Meagher & Flom LLP acted as Legal Advisor to MTN Sourth Africa.