This development comes amid a boardroom fight between IHS Towers and MTN Group over MTN's request for more control of the tower company. MTN Group holds 26% of IHS Towers but only controls 20% of the voting share. In 2022, MTN completed a deal with IHS to take over more than 5,700 of its tower sites in South Africa, per Bloomberg. MTN had said that it could not sell its non-voting shares and wanted its stake in the company to be reflected in its voting power. IHS said in response that the proposals were not in the company's best interests. Wendels, the second-largest shareholder in IHS Towers after MTN, backed MTN's bid. Other shareholders remained on the sidelines of IHS's bout with MTN, Wendel, and Blackwells.