Canal+, the French media giant, has officially taken control of MultiChoice Group (MCG), Africa’s largest pay-TV provider, following the completion of its takeover. The merger, now unconditional, marks a historic moment for the Johannesburg Stock Exchange (JSE), with the R44.1 billion (approx. $2.5 billion) transaction becoming the largest equity capital markets deal in JSE history.
On Friday, 19 September 2025, Canal+ and MCG confirmed that all suspensive conditions tied to the offer had either been fulfilled or waived. The transaction now awaits a compliance certificate from South Africa’s Takeover Regulation Panel, expected imminently, after which the settlement process will begin.
As of the close of business on the same day, Canal+ directly owned 46.0% of MCG’s shares, excluding treasury stock. An additional 2.2% of shares had already been tendered under the offer, giving Canal+ effective control of the group. Further tenders will increase its stake even more.
This acquisition is the largest ever undertaken by Canal+, positioning the combined entity as a global media and entertainment powerhouse with over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, supported by a workforce of approximately 17,000 employees.
Commitment to South Africa and Local Content
Canal+ and MultiChoice have committed to a robust public interest package in South Africa. This includes:
- Continued support for Historically Disadvantaged Persons (HDPs) and SMMEs in the local audiovisual sector.
- Ongoing investment in South African-produced general entertainment and sports content.
Importantly, subscription and billing arrangements for MultiChoice customers will remain unchanged.
Leadership Restructuring and New Governance
The merger brings significant changes to MCG’s leadership and board structure. The new MCG Board, effective 22 September 2025, includes:
- Maxime Saada (Chair)
- Elias Masilela (Lead Independent Director)
- David Mignot (CEO)
- Nicolas Dandoy (CFO)
- Kgomotso Moroka
- Louisa Stephens
- Deborah Klein
- James du Preez
- Jacques du Puy
Most of the board members previously served as independent non-executive directors and will continue in that capacity. Former CEO Calvo Mawela and other previous board members resigned on the same date.
Going forward:
- David Mignot will lead Canal+’s African operations as CEO.
- Nicolas Dandoy will serve as CFO.
- Calvo Mawela, the outgoing MCG CEO, will chair Canal+’s African operations.
- Timothy Jacobs, former MCG CFO, will remain in a senior finance role within the combined group.
Strategic Outlook and Future Plans
Canal+ plans to begin integration immediately and will present a strategic update outlining its vision and synergies for the combined group in Q1 2026.
Maxime Saada, CEO of Canal+, commented:
Our combined company is unique, a true global media and entertainment powerhouse. This merger enhances our ability to invest in creative and sporting content across Europe, Africa, and Asia.
Regulatory Compliance and Voting Rights Update
To comply with South Africa’s Electronic Communications Act, which limits foreign voting rights in broadcasting license holders, MCG has completed a reorganisation. A new entity, MultiChoice Proprietary Limited (LicenceCo), now holds the broadcasting licence and operates under a South African-controlled governance structure.
As a result, the voting scale-back provisions in MCG’s memorandum of incorporation no longer apply. All voting rights attached to MCG shares held by foreign shareholders, including Canal+, will now be fully counted in shareholder resolutions.
