Core Viewpoint - IHS Holding Limited is set to be acquired by MTN Group Limited for $8.50 per ordinary share, totaling approximately $6.2 billion in an all-cash transaction [1][4]. Group 1: Merger Details - The merger agreement was announced on February 17, with a significant premium of 239% over the share price during the strategic review on March 12, 2024 [2]. - The deal also offers a 36% premium compared to the 52-week volume-weighted average price as of February 4, 2026, and a 3% premium over the unaffected closing price of $8.23 on that date [2]. - The transaction has received full approval from IHS Holding Limited's Board of Directors, which has recommended that shareholders vote in favor of the deal [4]. Group 2: Company Operations - IHS Holding Limited specializes in owning, operating, and developing shared communications infrastructure, primarily focusing on towers in emerging markets such as Brazil, Nigeria, and South Africa [4]. - The CEO, Sam Darwish, emphasized that the transaction provides immediate cash to shareholders amid market and geopolitical challenges in the company's main operating regions [3]. Group 3: Transaction Timeline - The merger transaction is expected to close in 2026 [4].

Core Viewpoint - Wendel supports MTN's acquisition offer for IHS Towers, which will provide Wendel with full liquidity on its 19% stake, amounting to approximately $535 million, reflecting a strategic shift in Wendel's investment focus [2][3][7]. Group 1: Acquisition Details - MTN Group's offer to acquire IHS Towers is priced at $8.5 per share, representing a 36% premium over the 52-week volume-weighted average price as of February 4, 2026 [3]. - The transaction is expected to close in 2026, pending shareholder and regulatory approvals [4]. - Wendel's stake sale will yield net proceeds of approximately $535 million, which is a 21% premium over Wendel's latest reported Net Asset Value as of September 30, 2025 [3]. Group 2: Company Background - IHS Towers, founded in 2001, is a leading independent owner and operator of shared communications infrastructure, with over 37,000 towers across seven emerging markets [5][6]. - Since Wendel's initial investment in 2012, IHS has expanded from approximately 1,000 towers in one country to over 37,000 towers, achieving $1.8 billion in revenue with EBITDA margins exceeding 55% [6]. Group 3: Strategic Implications - Wendel's CEO, Laurent Mignon, emphasized that the combination of MTN and IHS is a sensible industrial project, aligning with Wendel's strategy to focus on direct investments in controlled, unlisted companies in Europe and North America [7]. - The transaction aligns with Wendel's active portfolio rotation strategy, which aims to generate approximately €1.65 billion from recent sales, enhancing Wendel's flexibility for long-term value creation [8].