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Following the announcement last week that IHS Holding Limited (NYSE:IHS) ("IHS Towers" or the "Company") and MTN Group (JSE: MTN) had renewed and extended communications infrastructure deals in Nigeria, as well as completing the renewal of all contracts across IHS Towers-MTN markets recently, the companies said on Tuesday that with the commercial relationship now firmly established for the next decade, they will now work constructively to find a mutually agreeable resolution to governance issues previously raised.
On 7 August 2024, the companies announced the agreement to renew and extend all Nigerian tower Master Lease Agreements until December 2032. The contracts include new financial terms that provide what the parties believe to be a more sustainable split between local and foreign currency. With this, IHS Towers and MTN Group have now completed the renewal of approximately 26,000 MTN tenancies on IHS Towers infrastructure across six African markets – Nigeria, Rwanda, Côte d'Ivoire, Cameroon, Zambia and South Africa.
MTN Group owns approximately 26% in IHS Towers, a stake which pre-dates the tower company's listing on the New York Stock Exchange in 2021.
Posted In: IHS
