The Canal+ acquisition of MultiChoice has entered its final phase, with the French pay-TV giant securing a 94.39% stake in the South African entertainment group following the closure of its mandatory offer to minority shareholders. According to a statement from Canal+, the offer was accepted by over 90% of remaining shareholders, paving the way for the compulsory acquisition—commonly known as a “squeeze-out”—of all outstanding shares under South African law.
Once this step is completed, Canal+ will proceed with the delisting of MultiChoice from the Johannesburg Stock Exchange (JSE), subject to regulatory approvals. The move marks the end of MultiChoice’s tenure as a publicly traded company and solidifies Canal+’s control over one of Africa’s most influential media platforms.
As part of commitments made during regulatory review, Canal+ confirmed it will initiate a secondary listing of its own shares on the JSE after obtaining necessary approvals. Currently listed on the London Stock Exchange, the Paris-based company said the dual listing is designed to broaden its shareholder base, strengthen its long-term presence in Africa, and support the growth of the continent’s creative industries.
“Given the important role Canal+ will now play in South Africa and across the African continent, I believe it is critically important that domestic investors have the ability to gain exposure to a leading media and entertainment company through the JSE,” said Maxime Saada, CEO of Canal+.
This milestone represents the largest transaction in Canal+’s history and brings together two media powerhouses with deep regional influence. The combined entity now serves more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, supported by approximately 17,000 employees. Integration efforts are already underway, with the new leadership set to unveil its strategic vision and expected synergies in the first quarter of 2026.
The path to completion followed months of rigorous scrutiny by South African authorities. The deal received final clearance from the Competition Tribunal in July 2025, after the Competition Commission recommended approval with conditions in May 2025. Shareholders of Phuthuma Nathi, MultiChoice’s employee share ownership scheme, approved a restructuring plan linked to the acquisition in August 2025, removing the last major hurdle.
The roots of the Canal+ acquisition of MultiChoice trace back to 2020, when the French firm first disclosed a minority stake. It steadily increased its holding, surpassing the 35% threshold in February 2024—a move that triggered a mandatory takeover bid under South African regulations. An initial offer was rejected by MultiChoice’s board, which argued it undervalued the company. A revised offer of R125 (approximately $7.22) per share, valuing MultiChoice at around R55 billion ($3.2 billion), was later deemed “fair and reasonable” by an independent committee appointed by the company and reviewed by Standard Bank.
By May 2024, Canal+ had raised its stake to 45.2%, giving it effective control. The cash portion of the buyout for the remaining shares is estimated at R30 billion ($1.73 billion).
With the delisting process on the horizon and integration accelerating, the acquisition ushers in a new era for African media—one defined by consolidation, continental ambition, and increasing foreign investment in local content ecosystems. As viewership habits shift toward streaming and digital platforms, the combined strength of Canal+ and MultiChoice positions them to lead the evolution of entertainment across the region.
For investors, creators, and consumers alike, the Canal+ acquisition of MultiChoice is not just a corporate milestone—it’s a signal of Africa’s growing centrality in the global media landscape.
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