Canal+ Takes Control of MultiChoice After Multi-Billion Dollar Offer Clears Final Hurdle

Canal+ has secured effective control of MultiChoice Group Ltd. after its mandatory cash offer for Africa’s biggest pay-TV operator became unconditional, cementing the French media company’s largest-ever acquisition.

The Vivendi SE-owned broadcaster directly holds 46% of MultiChoice and has received acceptances for a further 2.2% of the South African company’s shares, it said Monday. The deal is worth about 125 rand a share. All remaining shares tendered into the offer, which closes Oct. 10, will further increase Canal+’s stake.

The takeover creates a pay-TV powerhouse with more than 40 million subscribers across nearly 70 countries in Africa, Europe and Asia, supported by 17,000 employees. It also gives Canal+ its long-sought entry point into Africa’s fast-growing media market while strengthening its scale against global streaming rivals.

“The combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia,” Maxime Saada, Canal+ chief executive and newly appointed chair of MultiChoice, said in a statement.

The transaction follows months of regulatory scrutiny over foreign ownership rules tied to South African broadcasting licenses. A corporate restructuring carved out MultiChoice’s license-holding unit under a local governance structure, allowing the company to count foreign shareholders’ voting rights in full.

Alongside the deal’s finalization, MultiChoice announced sweeping board changes. Saada will chair the reconstituted board, joined by new executives David Mignot as CEO and Nicolas Dandoy as CFO. Five independent directors from the previous board, including lead director Elias Masilela, will remain. Outgoing CEO Calvo Mawela will chair Canal+’s African operations, while former CFO Timothy Jacobs will take a senior finance role in the combined group.

“There will be one single management executive team, “executives said in a press conference on Monday.

A shareholder meeting will be convened in the coming weeks to confirm new board appointments, including South African film producer Anant Singh.

Canal+ plans to outline its strategic roadmap and synergy targets for the combined entity in the first quarter of 2026. In South Africa, the company has pledged to maintain funding for local content and to support small and historically disadvantaged firms in the audiovisual sector.

MultiChoice will shift its fiscal year-end to December to align with Canal+, publishing nine-month audited results to Dec. 31, 2025.

For subscribers, the companies said, billing and subscription arrangements remain unchanged.