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MultiChoice and Canal+ Buyout Deal Forges Ahead

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MultiChoice and French media giant Groupe Canal+ have released a joint circular detailing plans and dates for the proposed buyout of the DStv operator at R125 per share.

The circular covers what happens to shareholders who choose not to sell, reiterates Canal+’s plan to list on the JSE, and provides some idea of how the companies might handle foreign ownership restrictions on broadcasters.

Canal+ has steadily bought up MultiChoice stock on the open market since October 2020 and hit a 35% threshold at the beginning of the year, triggering a mandatory buyout offer.

After some wrangling from MultiChoice and a reprimand from the Takeover Regulation Panel, Canal+ offered R125 per share, valuing the company at over R55 billion.

The buyout will cost Canal+ over R30 billion in cash, and the company has continued buying MultiChoice shares while its offer is being considered.

The Takeover Regulation Panel last reported in May that Canal+’s shareholding stood at 45.2%.

Tuesday’s circular shows Canal+ has not bought any additional shares since 10 May 2024. Its average buy price for the past six months has been just over R100 per share.

The circular states that the deal is still subject to several regulatory approvals, including from the Financial Surveillance department, the Competition Tribunal, the JSE, the Takeover Regulation Panel, and other government authorities.

One of the other government authorities is the Independent Communications Authority of South Africa (Icasa), the custodian of the Electronic Communications Act (ECA).

Under the ECA, a foreigner may not, whether directly or indirectly:

  • Exercise control over a commercial broadcasting licensee; or
  • Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%

Exercise control over a commercial broadcasting licensee; or
Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%.
Canal+ and MultiChoice have stated that they are exploring several options to comply with these requirements following the buyout.

These include a corporate reorganisation, participation by one or more local BBBEE partners, and mechanisms to limit the voting rights of foreigners.

The latter includes a potential limit on MultiChoice’s voting rights over the licensed entities in the MultiChoice Group.

In March, Bloomberg reported that billionaire Patrice Motsepe was in talks with Canal+ to join its bid for MultiChoice.

Regarding shareholders who do not accept the offer, the companies said they will remain invested provided Canal+’s shareholding remains below 90%.

Canal+ reserves the right to invoke Companies Act provisions allowing it to buy out the last remaining shareholders and delist the company should its ownership exceed 90%.

They also committed to engage with the JSE in the event that MultiChoice’s free float dips below the stock exchange’s liquidity requirements.

“MultiChoice shareholders are reminded that Vivendi SE, the parent company of Canal+, is currently undertaking a feasibility study for the proposed split of the company into several separately listed entities,” the circular stated.

“Canal+ intends that, should its planned European listing proceed, there will be an opportunity for South African investors to become shareholders of the combined entity as part of a secondary inward listing on the JSE.”

The companies explained that if Canal+’s listing occurs before its offer becomes unconditional, it will consider revising it to give MultiChoice shareholders an opportunity to have exposure to the combined group.

MultiChoice and Canal+ said the offer opens at 09:00 on 5 June 2024.

They aim for it to become wholly unconditional by no later than Tuesday, 8 April 2025.

The last day to trade to participate in the offer is 22 April 2025, and it closes at noon on Friday, 25 April 2025.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Glo-sponsored African Voices Features Star Author, Chimamanda Adichie

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CNN African Voices Changemakers this week beams its light on celebrated author, Chimamanda Ngozi Adichie. The 30-minute magazine programme is sponsored by telecommunications company, Globacom.

The author was engaged by the show’s anchor, Larry Madowo, at Nsukka, where she spent her childhood at the same staff quarters of the University of Nigeria, where the legend of literature, Chinua Achebe, lived.

Arguably Africa’s most prolific contemporary writer, Adichie’s compelling story of grit and talent promises to inspire the audience, as it does her readers across the globe. The special package premieres on Saturday, September 20, 2025, at 11:00 a.m., with rebroadcasts on Sunday, September 21, at 3:30 a.m. and 6:00 p.m.; Monday, September 22, at 3:00 a.m. and 5:45 p.m.; as well as the following weekend, Saturday, September 27, at 7:30 a.m. and 11:00 a.m.; Sunday, September 28, at 3:30 a.m. and 6:00 p.m.; and Monday, September 29, at 3:00 a.m. and 5:45 p.m.

Her narratives, beginning with Purple Hibiscus, query stereotypes, re-evaluate identities, and honour African traditions. Her two prose offerings, Half of a Yellow Sun and Americanah, as well as Dream Count, the new one in the works, confirm her deep interests in the values that make Africa and its traditions and cultures unique and relevant in a fast-evolving world. Her books also accentuate feminism, heritage, and authenticity.

Globacom’s continued collaboration with African Voices has further given credence to the programme’s celebration of the African essence, its excellence, talents, creativity, and originality.


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MultiChoice Starts Reorganising Operations to Enable Canal Plus Takeover

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MultiChoice’s plans to reorganise its operations in preparation for its deal with French media giant Canal+ have become unconditional.

MultiChoice Starts Reorganising Operations to Enable Canal Plus Takeover

According to Multichoice, the implementation of the various steps of the process will now start.

“As previously advised, the reorganisation is to be undertaken in order to enable the implementation of Canal+’s Mandatory Offer for Multichoice, and forms part of the conditions imposed by the South African Competition Tribunal when approving the Mandatory Offer,” it said.

The mandatory offer is Canal+’s move to acquire all the issued ordinary shares of MCG not already owned by the group, excluding treasury shares, from MCG shareholders for a consideration of R125.00 per share, payable in cash.

The South African Competition Tribunal approved the proposed transaction, subject to agreed conditions, in July 2025.

As the parties previously disclosed, the agreed conditions include a robust package of guaranteed public interest commitments.

The package supports the participation of firms controlled by Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises in the audio-visual industry in South Africa.

This package will also maintain funding for local South African general entertainment and sports content.

The reorganisation process will see Multichoice adopt a takeover structure, which will ensure it meets the requirements of all applicable laws, such as restrictions on foreign ownership and control of South African broadcasting licences.

The structure includes Multichoice (Pty) Ltd (previously referred to as ‘LicenceCo’), which contracts with South African subscribers, being carved out of the Multichoice Group and becoming independent.

The Multichoice/Canal+ group would own 49% of this company, with 20% voting rights, aligning with regulatory restrictions on foreign control of licences.

The rest of the control of LicenceCo will be held by various groups, including Phuthuma Nathi Investments Limited, 13th Ave Investments Proprietary Limited, Identity Partners Itai Consortium Proprietary Limited (IPIC) and the Multichoice Workers Trust.

These groups entered into several transaction agreements on 1 August to achieve this.

Under the agreements, the groups will subscribe to various classes of shares in LicenceCo, giving different economic and voting interests.

The group said that an updated timetable for the offer will be published once the implementation of the reorganisation has been concluded.

 

 


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MultiChoice Nigeria Joins NECLive 2025 as Official Sponsor to Propel Africa’s Creative Enterprise

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MultiChoice Nigeria has confirmed its participation as an official sponsor of NECLive 2025, the premier conference dedicated to advancing Africa’s creative enterprise. The event is set to take place on Friday, November 28, 2025, at the Landmark Centre in Lagos.

As a leading entertainment company behind platforms such as DStv, GOtv, Showmax, and Africa Magic, MultiChoice Nigeria’s involvement strengthens NECLive’s position as a major industry gathering where visionary creatives and industry leaders converge. The partnership supports the 2025 conference theme, “Powering Africa Through Creative Enterprise,” reflecting MultiChoice’s dedication to showcasing authentic African stories and fostering sustainable growth within the continent’s creative and entertainment sectors.

John Ugbe, CEO of West Africa, MultiChoice, emphasized the company’s commitment to enriching the lives of professionals in Africa’s creative industries and expressed excitement about deepening relationships with stakeholders across West Africa and beyond.

Ayeni Adekunle, NECLive Convener, highlighted the significance of MultiChoice’s sponsorship, noting that their platforms have been instrumental in demonstrating the economic impact of creative enterprise in Africa. This collaboration will enhance networking opportunities and provide creatives unprecedented access to insights from MultiChoice Nigeria’s leadership.

NECLive 2025 is expected to reach over 10 million viewers globally through various platforms including DStv and GOtv. The event, organized by Netng, BHM, and ID Africa with Huce Valeris as production partner, will be hosted by popular media personalities Tee A and Bolanle Olukanni. Since its inception in 2013, NECLive has engaged over 100,000 participants, 500+ industry leaders, and more than 100 million viewers, solidifying its role as Africa’s foremost creative and entertainment industry platform .


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