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Groupe Canal+ S.A. (Canal+), the media arm of Vivendi and part of French billionaire Vincent Bollore’s Bollore Group, is edging closer to finalizing its $2.9 billion takeover of MultiChoice Group Ltd., the South African pay-TV leader behind DStv and Showmax.
MultiChoice reorganization wins investor approval
On Aug. 26, 2025, Phuthuma Nathi Investments shareholders approved the reorganization of MultiChoice South Africa Holdings. This step was a key condition set by the South African Competition Tribunal before Canal+ could move forward with its bid.
The approval clears one of the last hurdles, paving the way for Canal+ to launch its mandatory offer to minority shareholders. That offer, first announced in June 2024, values MultiChoice shares at R125 ($7.07) in cash, excluding treasury stock.
Canal+ seeks control of MultiChoice
MultiChoice said the reorganization was needed to comply with competition requirements and South Africa’s broadcasting laws. It reminded investors that foreign voting rights remain capped at 20 percent, a restriction written into its founding documents to protect local control.
To enforce this, shares held through American Depositary Shares or other foreign vehicles are classified as non-South African unless proven otherwise. Merchantec Capital, Webber Wentzel, Werksmans Attorneys, and Herbert Smith Freehills Kramer are advising on the process. These restrictions remain governed by the Takeover Regulation Panel’s February 2024 ruling, which continues to guide how Canal+’s offer is being applied.
If the deal goes through, it would reshape Africa’s pay-TV and streaming landscape. MultiChoice, with more than 22 million subscribers across Africa, would gain deeper financial backing and broader access to international content through Canal+. The French broadcaster already owns 43.5 percent of MultiChoice and aims to close the deal by Oct. 8, 2025.
Canal+ expands Africa streaming ambitions
For Canal+, the acquisition is a calculated step to strengthen its presence in Africa’s fast-growing media market and to compete more directly with global rivals such as Netflix and Amazon Prime Video. Its recent investments, including in Senegal’s Marodi TV, highlight its commitment to building up local content alongside global programming.
The takeover also reflects the continuing reach of Vincent Bollore, who through the Bollore Group controls Vivendi’s media interests. With a fortune of $10.3 billion, according to the Bloomberg Billionaires Index, Bollore has long seen Africa as central to Canal+’s expansion.
In July, South Africa’s Competition Tribunal cleared Canal+’s $2.9 billion bid, setting the stage for a deal that, if completed, would firmly establish Canal+ as one of the most powerful players in African broadcasting and intensify the battle for viewers in streaming.
