The process for Canal+’s takeover of MultiChoice has edged towards the finishing line after holders of 92.54% of shares accepted the offer.
The offer of R125 per share, which closed on Friday, was accepted by holders of 217.66-million MultiChoice shares, representing about 92.54% of the offered shares. Together with the MultiChoice shares that were already held by Canal+, these acceptances will result in the French media giant holding about 94.39% of MultiChoice’s total issued ordinary shares.
Canal+ now intends to acquire all the MultiChoice shares it does not already hold.
On completion of the deal, MultiChoice group will become a wholly owned subsidiary of Canal+ and application will be made for the termination of its listing on the JSE.
In accordance with the commitment made by Canal+ as part of the approval of the offer by the SA competition authorities, Canal+, which is listed in London, will undertake a secondary inward listing on the JSE using the fast-track listing procedure.
A secondary inward listing will preserve SA investor access and market liquidity, allowing local investors to hold shares in a leading global media and entertainment company on the JSE.
It will broaden the investor base of Canal+, reinforce the company’s long-term commitment to SA and Africa’s creative economy, and support institutional exposure to the media sector.
Canal+ said having a secondary listing in SA was important, given the role the combined group now played in SA and across the African continent.
“We were clear the day we launched the acquisition of MultiChoice that this was a commitment we wanted to make,” said Canal+ CEO Maxime Saada.
“Given the important role Canal+ will now play in SA and across the African continent, I believe it to be critically important that domestic investors have the ability to have exposure to a leading media and entertainment company on the JSE while investors continue to get access to Canal+ through the London Stock Exchange,” Saada said.
The acquisition is the French broadcaster’s largest transaction, cementing the combined group’s position as a global media and entertainment company.
The combined group will serve more than 40-million subscribers across almost 70 countries in Africa, Europe and Asia, supported by a workforce of about 17,000 employees.
The integration of MultiChoice and Canal+ has now started to take place.
“We are pleased with the overwhelming success of the offer,” said Saada.
Business Day reported previously that following an in-depth review, Canal+ intended to inform the market of its detailed plans and envisaged synergies when it provided a strategic update for the combined group during the first quarter of 2026.
For MultiChoice customers, all subscription and billing arrangements would remain the same, it said.
MultiChoice and its subsidiaries will be changing their financial year-end from end-March to end-December to align with Canal+.
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