French media giant Canal+ has completed its landmark acquisition of South African pay-TV leader MultiChoice Group Limited, securing a controlling 48.2% stake in a deal valued at over $3 billion, marking the largest transaction in Canal+'s history and reshaping the continent's broadcasting landscape.
The transaction, announced in a joint statement on Monday, September 22, 2025, became unconditional after fulfilling all regulatory requirements, including South African competition approvals and compliance with foreign ownership laws.
Canal+ now directly owns 46% of MultiChoice shares, with an additional 2.2% secured through shareholder acceptances, at a price of ZAR 125 (about $7.11) per share.
This positions the combined entity as a global media powerhouse serving more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, backed by a workforce of approximately 17,000 employees.
To adhere to South Africa's Electronic Communications Act, which caps foreign voting rights in broadcasters at 20%, MultiChoice underwent a corporate reorganization.
Its broadcasting license was transferred to a new entity, LicenceCo, majority-owned by historically disadvantaged persons (HDPs), allowing Canal+ to fully exercise its voting rights without restrictions.
The company also aligned its financial year-end with Canal+'s, shifting from March 31 to December 31, and committed to supporting HDP-controlled firms and funding local South African content in entertainment and sports.
Post-acquisition leadership changes reflect the integration: Maxime Saada, CEO of Canal+, assumes the role of MultiChoice Chairman, while David Mignot is appointed CEO of both MultiChoice and Canal+ Africa operations.
Nicolas Dandoy joins as CFO for Canal+ Africa, and former MultiChoice CEO Calvo Mawela will chair the African operations.
Additional board members include Jacques de Puy, Canal+'s global head of pay-TV.Canal+ Group CEO Maxime Saada hailed the deal as a "transformative milestone," emphasizing enhanced investments in creative and sports content to drive growth in high-potential African markets.
"This acquisition strengthens our ability to deliver premium, localized content while fostering synergies across our global footprint," Saada said in the statement.
The companies anticipate unveiling detailed synergy plans and growth strategies in the first quarter of 2026.
MultiChoice, known for its DStv and GOtv platforms with nearly 22 million subscribers as of late 2023, had faced financial headwinds including subscriber losses and currency fluctuations.
The merger with Canal+—a subsidiary of Vivendi that has long eyed African expansion—promises bolstered resources amid rising competition from streaming services like Netflix and Showmax (a MultiChoice joint venture).
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