MTN Group is seeking local investors to purchase a 30% stake in IHS Nigeria Plc.
The divestment is expected to raise between $900 million and $1.1 billion.
Nigeria’s antitrust authorities mandated the sell-down as a condition for approving MTN’s acquisition of IHS Towers.
CEO Ralph Mupita stated that proceeds will be used to pay down debt related to the tower business.
The transaction will be conducted on a market-oriented valuation basis.
IHS Nigeria currently manages approximately 18,000 mobile-phone towers.
The company remains the largest telecommunications infrastructure operator in Nigeria.