Canal+ has confirmed it will move ahead with the compulsory acquisition of the remaining shares in MultiChoice Group after securing 94.39% of the South African pay-TV operator through its mandatory tender offer.
The French media group said the offer, accepted by more than 90% of MultiChoice shareholders, allows it to exercise a “squeeze-out” provision under South African company law. Once completed, MultiChoice will become a wholly-owned subsidiary and its listing on the Johannesburg Stock Exchange (JSE) will be terminated, subject to regulatory approval.
At the same time, Canal+ has reiterated its commitment to undertake a secondary inward listing on the JSE, preserving South African investor access and liquidity. The company’s primary listing will remain in London.
Canal+ said the move will broaden its investor base and reinforce its long-term commitment to South Africa and the wider African creative economy.
Integration of the two businesses has now begun. The company said it will outline detailed plans and expected synergies for the combined group during the first quarter of 2026.
Maxime Saada, CEO of Canal+, said: “We are pleased with the overwhelming success of the offer. 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. Given the important role Canal+ will now play in South Africa and across the African continent, it is critically important that domestic investors can have exposure to a leading media and entertainment company on the JSE.”
The acquisition follows a protracted process that began in February 2024, when CANAL+ — already MultiChoice’s largest shareholder — launched a formal takeover bid. After months of regulatory scrutiny and competition assessments, South Africa’s Competition Tribunal approved the transaction earlier this year, subject to commitments around local investment, job protection and continued South African shareholding access.
The merger combines CANAL+’s French- and Francophone-African operations with MultiChoice’s dominant presence in Anglophone Africa, creating one of the continent’s largest integrated pay-TV and streaming businesses, spanning DStv, Showmax, and MyCanal platforms.
