Canal+ Sets Its Sights on MultiChoice in a Groundbreaking $2.9 Billion Acquisition Bid

In a bold move to dominate the African pay-TV landscape, Canal+ has escalated its bid to acquire South Africa's MultiChoice, the continent's premier pay-TV company. Following MultiChoice's rejection of an initial R105 ($5.52) per share offer, Canal+ upped the ante with a 20% increase to R125 ($6.59) per share, valuing MultiChoice at an impressive $2.9 billion. This revised proposal was tabled on March 7, 2024, a day after MultiChoice was granted an extension until April 8, 2024, to respond to the offer.

Maxime Saada, the visionary Chairman and CEO of Canal+, expressed confidence in the value proposition of MultiChoice and announced a collaborative agreement granting Canal+ exclusivity in the negotiation process. MultiChoice is set to convene an independent board to scrutinize Canal+'s proposition, with the Public Investment Corporation (PIC), a significant stakeholder, also expected to weigh in on the deliberation.

As the April 8 deadline looms, both entities are engaging financial advisors to refine the deal's specifics. The strategic alliance, underscored by the offer extension and exclusivity pact, hints at a potential merger poised to redefine pay-TV in Africa. The amalgamation promises a combined subscriber base nearing 50 million and enhanced content creation capabilities, heralding unprecedented benefits for both corporations and their clientele. Yet, as negotiations unfold, the final offer could diverge from the current terms, keeping industry observers on the edge of their seats.