Canal+ completes MultiChoice acquisition

(Photo credit: REUTERS/Esa Alexander)

Originally published by Broadcast Media Africa

French media giant Canal+ has officially acquired approximately 94.39 percent of MultiChoice Group’s issued ordinary shares, following a highly successful mandatory buyout in which more than 90 percent of shareholders agreed to the sale.

According to a joint statement released by the two companies, Canal+ will now proceed with a “squeeze-out” process under section 124(1) of South Africa’s Companies Act, compelling remaining shareholders to sell their stakes to the French broadcaster.

News24 reports that once the transaction is complete, MultiChoice will become a wholly-owned subsidiary of Canal+, and an application will be filed for the termination of MultiChoice’s listing on the Johannesburg Stock Exchange (JSE). Trading of the company’s shares will be suspended during this transition, pending approval from the South African Reserve Bank.

Canal+ has also confirmed plans to launch a secondary inward listing on the JSE, complementing its primary listing on the London Stock Exchange. The dual-listing strategy will help to maintain market access for South African investors and local share-trading liquidity, while offering continued exposure to a major global entertainment brand.

Describing the takeover as “the largest in the company’s history,” Canal+ CEO Maxime Saada said the acquisition cements the group’s standing as a leading international media powerhouse, now serving more than 40 million subscribers across nearly 70 countries with a workforce of around 17,000 employees.

The integration process between the two companies is already underway. Canal+ has reiterated its commitment to supporting African content production and expanding access to streaming and satellite services across the continent.