MTN Group has been granted conditional approval by Nigeria’s Federal Competition and Consumer Protection Commission to proceed with its $2.2 billion acquisition of the remaining stake in IHS Towers. However, the approval comes with a caveat: MTN must sell up to 30% of its stake in IHS Nigeria at market prices over time. The condition addresses competition concerns because IHS Nigeria operates nearly 16,000 towers used by MTN Nigeria and rivals including Airtel and T2 Mobile. Full ownership could have given MTN significant control over infrastructure that competitors also depend on for network access and expansion. The sell-down allows the transaction to proceed while limiting conflicts between MTN’s role as a tower customer and owner.