Canal+ takes control of MultiChoice in Landmark $3 Billion Deal
The takeover, approved by South Africa’s competition authority in late July, is the largest transaction ever undertaken by Canal+.
Image: Facebook/MultiChoice Group
French media giant Canal+ has officially taken control of South African broadcaster and streaming company MultiChoice, creating a global entertainment group spanning nearly 70 countries across Africa, Europe and Asia.
Approval and valuation
The South African competition authority gave its green light to the takeover in late July, marking it as Canal+'s largest transaction to date. The French company proposed a buying price of 125 rand (approximately $7.20) per share, valuing MultiChoice at around $3 billion.
Subscriber base and workforce
With this merger, the new entity will cater to over 40 million subscribers globally and employ around 17,000 staff members. Canal+, already a dominant player in French-speaking African markets, now boasts control over the leading broadcasters in English and Portuguese-speaking regions of the continent.
Leadership changes
Maxime Saada, CEO of Canal+, will take on the additional role of executive chairman of MultiChoice. Meanwhile, David Mignot has been appointed CEO of MultiChoice, with Nicholas Dandoy assuming the position of CFO. Calvo Mawela, the outgoing CEO of MultiChoice, will continue as chairman of Canal+’s African operations.
Widespread operations
MultiChoice operates in 50 countries across sub-Saharan Africa, offering popular services like DStv and SuperSport, Africa’s leading sports broadcaster. Canal+ has an established presence in 25 African markets, serviced by 16 subsidiaries, and attracting around eight million subscribers in the region.
Financial year adjustment
To better align with its new parent company, MultiChoice will be changing its financial year-end from March 31 to December 31. Importantly, both companies confirmed that subscription fees and billing arrangements for their customers will remain unchanged.
IOL