MTN entered Q2 2026 with a stated R10 billion war chest and a clear mandate to acquire. Ninety days in, the pipeline has shifted — from infrastructure to fintech, from announced to executed.
MTN’s $2.2B IHS Towers acquisition consumes 60% of its fintech war chest. BETAR analyses the balance sheet impact and what it means for MoMo’s product ambitions in 2026–2027.
MTN Group’s FY2025 numbers confirm the capital is intact and cash generation has accelerated. The harder question: when does the $2B acquisition war chest actually get deployed?