French media conglomerate Canal+ has announced on Monday ,the acquisition of effective control over MultiChoice, a South African television and streaming company, thereby expanding its presence to nearly 70 countries in Africa, Europe, and Asia.
A joint statement from the companies indicated that the merged group will comprise 17,000 employees and provide services to more than 40 million subscribers.
The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.
Canal+, which already dominates the French-speaking African market, now controls what it considers the leading operator in the continent’s English- and Portuguese-speaking regions.
“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.
The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.
Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.
It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.
AFP
