Banner 3 Banner 2
Press ReleaseSouth AfricaSports

Canal+ Group, A french Media Giant, Makes $2.9 Billion offer for MultiChoice!

French media giant Canal+, the largest shareholder in MultiChoice, has made a $2.9 billion offer to acquire the South African pay TV provider, a $400 million increase from the rejected valuation in February.

Canal+, the biggest shareholder in MultiChoice with a 36.6 per cent stake, confirmed a second mandatory offer of 125 South African Rand ($6.7) per share for the remaining shares. This is significantly above its initial offer of 105 South African Rand ($5.6) per share on February 1.

Canal+ Group Chairman and CEO Maxime Saada said: “Following constructive engagement with MultiChoice, we are pleased to have issued a joint firm intention announcement to make an offer today, representing a significant premium for the shareholders of MultiChoice. Canal+ is confident in making this offer, at a level that exceeds the minimum required by regulation. Due to the incredible future, we believe that Canal+ and MultiChoice can build together.”

Read Also: Booming Games Secures Romanian License Enhancing its European Presence!

MultiChoice, which was founded in the early 1980s with support from South African technology giant Naspers, has grown to serve 20 million subscribers across Africa. Canal+ Group began accumulating a stake in MultiChoice in 2020, laying the groundwork for its current bid to acquire the company.

However, the acquisition is not yet a done deal, as Canal+ still needs to navigate South African rules limiting foreign ownership of local commercial broadcasters.

In a nod to concerns over ownership, the joint statement said that both partners recognize the importance of economic transformation and Broad-Based Black Economic Empowerment (BBBEE) in South Africa.

“Canal+ intends to support MultiChoice in its continued efforts to foster BBBEE initiatives and the transformation of its South African business as a commercial and societal imperative,” read the statement.

William Musyoka

An enthusiastic i-gaming ambassador, writer, and editor. Wide and broad know-how of the African gaming sphere. Always ready to expand on any shared synergies for mutual benefits and growth.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

You cannot copy content of this page