Canal+ has announced its mandatory take Takeover Offer for the shares in MultiChoice Group it does not already own has now become unconditional.
It follows the competition of all the necessary regulatory conditions.
With the French pay-TV operator now in effective control of Multichoice it will now start the integration process. Canal says this will create a global media and entertainment powerhouse, serving over 40 million subscribers across close to 70 countries.
The combined company will have a presence in both the French and English-speaking markets. While Canal naturally has a hold over French-speaking African nations, MultiChoice has a stronger presence in English-speaking countries, including South Africa, Nigeria and Kenya.
A series of changes have been made to the leadership and board of the company, which will be chaired by Canal’s Chairman and CEO Maxime Saada.
David Mignot, the long standing CEO of Canal+ Africa, and Nicolas Dandoy will respectively be CEO and CFO of the Canal+ African operations, Including Multichoice Group. The operations across the African continent will be chaired by Calvo Mawela, the outgoing CEO of MCG. The outgoing CFO of MCG, Timothy Jacobs, will continue to hold a senior position in the finance department of the combined Group.
