French media group Canal+ has taken effective control of South African pay TV company Multichoice.
The $2bn takeover, which will fully complete on October 7, confirms Canal+ as the leading player in Africa’s pay TV market, where MultiChoice operates across 50 countries.
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Canal+ owned 46% of MultiChoice as of September 19, with another 2.2% of shares tendered in its favour since, giving the London-listed company effective control of the TV broadcaster, the companies said. Shares still to be tendered into the offer, which is now unconditional, will further increase Canal+'s stake.
The Multichoice acquisition is Canal+’s largest ever deal and confirms its ambition to become a major global media player.
The combined group will serve more than 40 million subscribers across close to 70 countries in Africa, Europe and Asia, with a workforce of 17,000 employees.
Maxime Saada, CEO of Canal+, will become chair of the Multichoice board.
Outgoing MultiChoice Group CEO Calvo Mawela has been appointed as the chair of Canal+'s African operations, which includes MultiChoice.
Saada said: “Today marks an important step forward for Canal+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity.
“We will now begin to integrate MultiChoice, delivering greater value for all stakeholders. I look forward to providing the market with a more detailed update on the strategy of our combined group during the first quarter of next year.
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