MTN Group (MTN) Acquisition presentation summary

Deal rationale and strategic fit

• Acquisition provides full end-to-end ownership of mobile network infrastructure, enhancing operational control and risk management.

• Strengthens position as Africa's leading digital infrastructure provider and accelerates digital platform ambitions.

• Enables better coordination with operating companies for infrastructure rollout and energy optimization.

• Unlocks value from integrated digital infrastructure and supports scalable infrastructure sharing across markets.

Financial terms and conditions

• Acquiring 75.3% of IHS for $8.50 per share, representing a 9.7% premium to the 30-day VWAP, with a total cash consideration of $2.2bn.

• Implied equity value of $2.9bn, valuing IHS (ex-LatAm) at 5.8x EV/EBITDA.

• Transaction funded by $1.1bn from IHS balance sheet and $1.1bn from MTN's liquidity and debt.

Synergies and expected cost savings

• Internalization of lease payments and immediate cost savings from delisting IHS and reducing HQ overheads.

• Potential for improved management of long-term lease inputs and increased third-party tenancy revenues.

• Operating and financing synergies expected to be realized over time.