French media company Canal+ has completed its takeover of South Africa’s MultiChoice Group, the parent company of DStv and GOtv.
The company confirmed the takeover in a notice on Monday, September 22, stating that it had acquired all the shares it did not already own in MultiChoice.
The transaction was finalized following Canal+’s mandatory cash offer of ZAR 125 (approximately Ksh 928.73) per share for all MultiChoice shares it did not already own.
“CANAL+ and MultiChoice Group have today announced that the Mandatory Takeover Offer by CANAL+ for the shares of MultiChoice Group it does not already own has become unconditional, with all necessary regulatory conditions complete,” the statement read in part.
“CANAL+ is now in effective control of MultiChoice Group and will begin the integration process, creating a global media and entertainment powerhouse serving over 40 million subscribers across nearly 70 countries.”
Canal+ Seals Acquisition of DStv and GOtv Parent Company MultiChoice
As part of the deal, Canal+ reshuffled MultiChoice leadership, replacing South African CEO Calvo Mawela with veteran executive David Mignot.
Meanwhile, Canal+ CEO Maxime Saada has assumed the role of chairman of the MultiChoice board, while Mawela now chairs the Africa Management Board for Canal+’s regional operations.
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The acquisition gives Canal+ a dominant foothold in Africa’s fast-growing pay-TV market, where MultiChoice operates in 50 countries.
Saada said the takeover marks a major step in Canal+’s strategy to become one of the world’s top five entertainment players.
“Today marks an important step forward,” said Mr. Saada. “Together, we will be able to invest more in local and international content, expand digital innovation, and strengthen our position in Africa while deepening our footprint in Europe and Asia. This combination increases our ability to leverage diverse creative and sporting talent across continents.”
As of September 19, Canal+ held 46% of MultiChoice, with a further 2.2% of shares tendered in its favor, giving it effective control. The remaining shares still to be tendered into the now-unconditional offer will further boost its stake.
Canal+ began purchasing MultiChoice shares in 2020, starting with a 20% stake, which rose to approximately 31.7% in early 2023 and to 45% by mid-2024. On February 1, 2024, it launched a takeover bid at R105 (Ksh757) per share, which MultiChoice initially rejected as undervalued.
The firm later raised its offer to R125 (Ksh903) per share, which an independent board declared fair and reasonable.
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Shareholders were then invited to sell their remaining shares at this price. By May 2024, Canal+ had increased its holding to 45.2%, continuing to acquire shares under the same terms.
South African Tribunal Approves Canal+ Takeover of MultiChoice
Due to South African laws capping foreign ownership of broadcasting licenses at 20%, MultiChoice agreed to spin off its South African operations into a separate licensing entity, “LicenceCo,” which is majority-owned by Historically Disadvantaged Persons, with Canal+ retaining a minority economic interest.
The deal, classified as a large merger, required approval from the Competition Commission and Tribunal.
Canal+ is committed to public interest undertakings worth approximately Ksh188 billion over three years, particularly in areas such as empowerment and SME participation.
On July 23, 2025, the Competition Tribunal granted conditional approval for the acquisition.
Founded as a subscription television channel 40 years ago, Canal+ has evolved into a global media and entertainment powerhouse.
The group boasts 26.9 million subscribers worldwide, over 400 million monthly active users on its streaming platform, and more than 9,000 employees.
It generates revenue in 195 countries and operates directly in 52, with leading pay-TV positions in 20.
Its operations span the full audio-visual value chain, including production, broadcasting, distribution, and aggregation.
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