MTN Group has passed a major regulatory hurdle in its $2.2 billion acquisition involving IHS Towers, moving one step closer to completing a transaction that ranks among the largest infrastructure deals in African telecoms.

The clearance removes one of the key conditions standing between MTN and completion of the deal. Transactions of this scale in African markets typically require approvals from competition authorities and sector regulators in multiple jurisdictions, and any single hold-up can delay closing by quarters. The full set of remaining conditions and the expected closing timeline have not been disclosed in the available report.

The transaction ties together two of the most significant names in African telecommunications. MTN, headquartered in Johannesburg, operates across roughly 20 markets on the continent and has spent several years simplifying a portfolio built through rapid expansion in the 2000s and 2010s. IHS Towers, Africa's largest independent tower company, controls tens of thousands of towers across Nigeria and other markets, and its shareholder register has long included MTN among major investors.

For MTN, the $2.2 billion deal fits a broader strategic pattern. Under CEO Ralph Mupita, the group has raised billions of dollars through asset sales and minority-stake exits in markets such as Ghana, Uganda and Nigeria, aiming to pay down debt, fund its 5G and data build-outs, and return cash to shareholders. Consolidating control of tower infrastructure — or monetising it at the right valuation — sits squarely within that playbook.

Tower deals carry particular weight in Nigeria, MTN's largest market by revenue, where IHS holds the biggest share of the passive infrastructure that carries mobile traffic. Any shift in ownership or control arrangements can affect long-term lease economics for operators, which is why regulators scrutinise such transactions closely.

The report does not specify which authority granted the latest approval or which conditions still need to be met. Market attention now shifts to the remaining sign-offs. Assuming no further obstacles emerge, MTN is positioned to close the deal and finalise the structural changes to its infrastructure holdings that the transaction sets in motion.