MTN IHS CEMAC Approval Delay: Acquisition Still Pending

• MTN's acquisition of IHS Holding Limited is awaiting approval from the Central African Economic and Monetary Community (CEMAC) Commission.
• The transaction was notified on May 23, 2026, and as of November 9, 2026, 170 days had passed without approval.
• CEMAC's competition regulation, Article 69, stipulates a maximum six-month period for merger decisions.
• The ongoing delay exceeds this statutory timeline, highlighting potential challenges for M&A in the region.

This situation suggests that while legal frameworks provide clear timelines, the actual regulatory review process can be considerably longer, potentially impacting transaction certainty and closing schedules.

South African telecommunications giant MTN Group is still awaiting a crucial regulatory green light from the Central African Economic and Monetary Community (CEMAC) Commission for its proposed acquisition of IHS Holding Limited, a prominent operator of telecom towers across Africa. This significant MTN IHS acquisition CEMAC transaction, which involves MTN's subsidiary, Mobile Telephone Networks (Netherlands) B.V., has been pending for an extended period. A financial disclosure released by MTN on the Johannesburg Stock Exchange on November 9, 2026, confirmed that CEMAC clearance remains one of three essential regulatory approvals yet to be secured for the deal's completion.

The notification for this acquisition was initially submitted to the CEMAC Commission on May 23, 2026. As of the November 9, 2026, disclosure, 170 days had elapsed since the initial notification. This timeline is further corroborated by an official notice from the CEMAC Commission, dated July 20, 2026, under reference 0324/26/CEMAC/CC/DMC/DCC. This document explicitly states that the acquisition of IHS Holding Limited by Mobile Telephone Networks (Netherlands) B.V. is subject to the region's stringent merger control regulations, which are designed to prevent anti-competitive practices arising from corporate consolidations. The protracted nature of this MTN IHS CEMAC approval delay raises questions about the efficiency of the regulatory process within the Central African Economic Monetary Community.

The regulatory framework governing such transactions within the Central African Economic Monetary Community is clearly defined. According to Article 69 of CEMAC's competition regulation, which was enacted on April 7, 2019, the CEMAC Commission is allotted a maximum period of six months to render a decision on a merger application. This statutory timeline commences from the date the Commission receives a complete application package. The purpose of these CEMAC merger control rules is to ensure that significant corporate combinations, like the MTN IHS acquisition CEMAC, do not lead to an undue restriction of competition within the regional market.

The current situation surrounding the MTN IHS CEMAC approval delay highlights a significant divergence from this established timeline. With 170 days having passed since the initial notification on May 23, 2026, and the disclosure on November 9, 2026, the process has already extended beyond the typical six-month (approximately 180 days) window, even if we consider the notification date as the start of a complete application. This extended CEMAC competition regulation timeline for the IHS Holding Limited acquisition raises concerns for businesses operating or planning mergers and acquisitions in the region, suggesting that the practical application of regulatory review periods may differ from the stipulated legal requirements.

The protracted CEMAC merger control MTN approval process for the IHS Holding Limited acquisition carries significant implications for the broader M&A landscape within the Central African Economic Monetary Community. The fact that the MTN IHS CEMAC approval delay has already exceeded the six-month statutory period outlined in Article 69 of the region's competition regulation underscores a critical challenge for dealmakers. This situation suggests that while legal frameworks provide clear timelines, the actual regulatory review process can be considerably longer, potentially impacting transaction certainty and closing schedules.

For legal professionals and compliance officers advising on mergers and acquisitions in the CEMAC region, this case serves as a crucial reminder. It highlights the imperative to anticipate and factor in potential extended delays beyond the six-month period stipulated in Article 69 of CEMAC's competition regulation. Structuring deals and setting realistic closing expectations for transactions involving the region must account for the possibility that regulatory approval processes, particularly from the CEMAC Commission, may significantly exceed statutory timelines. The ongoing wait for the MTN IHS acquisition CEMAC approval therefore offers a valuable lesson in navigating the complexities of regional regulatory environments.

Lawyers and compliance officers advising on M&A in the CEMAC region should note that regulatory approval processes, particularly from the CEMAC Commission, may significantly exceed statutory timelines. This case highlights the need to factor in potential extended delays beyond the six-month period stipulated in Article 69 of CEMAC's competition regulation when structuring deals and setting closing expectations for transactions involving the region.

Source: Original reporting via Johannesburg Stock Exchange disclosure