The French media powerhouse Canal+ has successfully obtained 94.4% of MultiChoice Group (MCG) shares after the conclusion of its offer on Friday, 10 October. This development sets the stage for the delisting of the South African broadcasting company from the Johannesburg Stock Exchange (JSE).
This transaction aligns with the agreement that has been approved by shareholders owning over 90% of the offer shares, marking MultiChoice as a fully owned subsidiary ofCanal+.
Next steps
The organization is now set to initiate a mandatory buyout of outstanding shares, as permitted under South African takeover laws.
In the subsequent actions, Canal+ will seek to achieve MultiChoice’s delisting from the JSE, with an official notice of suspension anticipated shortly.
However, this development does not signify the conclusion of Canal+’s presence in the South African markets.
“A secondary inward listing will preserve South African investor access and market liquidity, allowing local investors to hold shares in a leading global media and entertainment company on the JSE,” the group stated.
Canal+, which has a listing in London, indicated that its forthcoming listing on the JSE will follow an expedited process, pending necessary regulatory approvals.
This strategy is part of the commitments made with competition regulators, ensuring continued participation in the local market and access to investments.
Largest Acquisition in Canal+ History
Canal+ CEO Maxime Saada portrayed the acquisition of MultiChoice as the largest transaction in the company’s history and highlighted the organization’s long-term dedication to South Africa and the wider African region.
“It’s important that South African investors have continued access to Canal+, given the significant role we will play in Africa’s media and creative economy,” remarked Saada.
The merged company now boasts more than 40 million subscribers across almost 70 nations in Africa, Europe, and Asia, supported by a workforce of roughly 17,000 employees.
Integration efforts between MultiChoice and Canal+ have already commenced, with the firm expected to utilize MultiChoice’s robust local presence and production strengths, especially in sports and local content, to enhance its global portfolio.
