The French media giant Canal+, in the early hours of 13th October, announced it has acquired over 90% of Africa and South Africa’s media giant, MultiChoice Group.
The company, which initiated its buyout and takeover of MultiChoice Group, now owns 94.39% of MCG shares.
It now plans to squeeze out the remaining shareholders of the company, as a result owning 100% of the company shares and voting power.
The company also plans to terminate MultiChoice from the Johannesburg Stock Exchange, replacing it with CANAL+, solidifying itself as a solid competitor in South Africa and Africa.
In the official press release, CANAL+ CEO Maxime Saada said, “We are pleased with the overwhelming success of the offer. Following this outcome, we will now acquire the remaining shares in MultiChoice and seek a secondary inward listing of CANAL+ in Johannesburg, in addition to our primary listing in London. We were clear the day we launched the acquisition of MultiChoice that this was a commitment we wanted to make. Given the important role CANAL+ will now play in South Africa and across the African continent, we believe it is critically important that domestic investors have the are able to have exposure to a leading media and entertainment company on the Johannesburg Stock Exchange while investors continue to get access to CANAL+ through the London Stock Exchange platform.”
MultiChoice Group is now valued at #3.2 billion.