MTN's tower sale-and-leaseback era (2010-2015)
In the early 2010s, MTN and other African operators sold thousands of towers to independent companies like IHS and Helios Towers, then leased space back. The model shifted capital-heavy tower upkeep off operator balance sheets and funded network expansion.
Independent tower companies grew quickly across Africa on the strength of these deals.
Created the tower industry that now dominates African telecom infrastructure, with operators renting rather than owning their sites.
This acquisition reverses MTN's own sale-and-leaseback strategy, putting tower ownership back inside the operator.
