Vivendi SE’s Canal+ has made an all-cash formal offer for MultiChoice Group Ltd., valuing the South African broadcaster’s shares at $2.9 billion.
Details
Canal+ will offer to buy shares at 125 rand ($6.7) apiece, said MultiChoice and Canal+ in a filing on Monday.
The bid will now be considered by a newly formed independent board of MultiChoice.
Why This Matters
If the French broadcaster is able to navigate South Africa’s limits on foreign media ownership, it will gain greater access to the market in Africa, home to the world’s fastest-growing and youngest population.
South African billionaire Patrice Motsepe could join Canal+ to get a deal done, although discussions are early stage.
Between The Lines
Canal+ began buying shares in MultiChoice as far back as 2020, and surpassed a 35% holding in the company this year, triggering a mandatory takeover offer.
Vivendi has developed a strong presence in high-growth regions in Africa and Asia, and plans to list Canal+ — its largest unit — separately. The
French company said previously that it plans to keep MultiChoice listed on the Johannesburg Stock Exchange.
Source: Bloomberg
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
