22nd Sep 2025 08:18
(Alliance News) - Paris-based Canal+ SA has cleared all hurdles to take over Johannesburg-based entertainment company MultiChoice Group Ltd.
In a joint statement on Monday, the two firms said the transaction was unconditional as of Friday last week.
This comes after MultiChoice early this month formally reorganised some of its South African operations, appeasing a key condition set by the Competition Tribunal of South Africa, before Canal+ acquired MultiChoice.
Canal+ early in June last year improved its offer for MultiChoice to ZAR125 per share, a 67% premium to MultiChoice's closing price of ZAR75 before Canal+ first approached MultiChoice investors on February 1 last year.
The combined group will serve more than 40 million subscribers across nearly 70 countries in Africa, Europe and Asia.
MultiChoice and Canal+ on Monday noted the deal is subject to a compliance certificate from the Takeover Regulation Panel, which is expected imminently.
They added that the settlement process will now commence.
As of the close of business on Friday, Canal+ directly owns 200.0 million MultiChoice shares, representing a 46% stake. In addition, acceptances of a further 9.8 million shares or 2.2% stake in MultiChoice have already been tendered to Canal+.
The Canal+ offer will close at 1200 SAST on October 10.
As part of MultiChoice's reorganisation, MultiChoice Pty Ltd or LicenceCo, as the holder of the broadcasting licence in South Africa, now has its own shareholders, governance and South African control structure in line with statutory requirements.
MultiChoice has shaken up its board. Former board members Calvo Mawela, Timothy Jacobs, Christine Sabwa, Fatai Sanusi and Andrea Zappia, have all resigned, with immediate effect.
A majority of the new MultiChoice board members, including Elias Masilela, Kgomotso Moroka, Louisa Stephens, Louisa Stephens and James du Preez, served as non-executive directors of MultiChoice previously.
David Mignot and Nicolas Dandoy will be chief executive officer and chief financial officer respectively for Canal+ African operations, which include MultiChoice.
The chair of African operations will be outgoing MultiChoice CEO Calvo Mawela. Timothy Jacobs, outgoing CFO of MultiChoice, will continue to hold a senior position in the finance department of the combined group.
In alignment with Canal+, MultiChoice will change its financial year-end to December 31 from March 31.
Shares in MultiChoice were up 0.3% at ZAR124.35 on Monday morning in Johannesburg. Canal+ shares were 0.8% lower at 235.50 pence in London.
By Artwell Dlamini, Alliance News senior reporter South Africa
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