French media company, Canal+, has completed its acquisition of South African pay-television operator, MultiChoice Group Limited, securing a 48.2 per cent stake in the company, according to a joint announcement released on Monday.
Canal+ first announced its intention to acquire Multichoice in February 2024, stating it would “be an important next step for MultiChoice to realise its full potential.”
Although it faced some hurdles, it now appears DStv and GOtv have a new proprietor, as Canal+ directly owns 46.0 per cent of MultiChoice shares and has received acceptances for an additional 2.2 per cent, making its mandatory cash offer of 125 South African Rand per share now unconditional.
The transaction, which Canal+ described as its largest ever, creates a global media and entertainment group serving more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, with approximately 17,000 employees.
Following the acquisition, MultiChoice has restructured its board with Maxime Saada, CEO of Canal+, appointed as Chairman. David Mignot will serve as CEO and Nicolas Dandoy as CFO of Canal+ African operations, which includes MultiChoice. The former chief executive of MultiChoice, Calvo Mawela, will chair Canal+ African operations.
MultiChoice implemented a reorganisation of its South African operations this month, in line with conditions laid out by South Africa’s Competition Tribunal in July to approve the takeover.
The company completed the corporate reorganization to comply with the South African broadcasting regulations regarding foreign ownership. As a result, voting scale-back provisions that previously restricted foreign shareholders’ voting rights were removed.
In South Africa, Canal+ has committed to supporting firms controlled by Historically Disadvantaged Persons and maintaining funding for local entertainment and sports content produced by South African creators.Activewear
MultiChoice will change its financial year-end from March 31 to December 31 to align with Canal+’s reporting period.
