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Groupe Canal+ S.A. (Canal+), the media arm of Vivendi and part of French billionaire Vincent Bollore’s Bollore Group, said Monday that all conditions tied to its R35 billion ($2.02 billion) offer for MultiChoice have been met, making the transaction unconditional.
The deal gives Canal+ effective control of the South African pay-TV giant. As of Sept. 19, the company held approximately 46 percent of MultiChoice shares, with another 2.2 percent tendered in its favor since then.
Regulatory hurdles cleared
MultiChoice recently reorganized its South African operations to comply with conditions set by the Competition Tribunal in July, following earlier approval from the Competition Commission in May. The Tribunal’s clearance was key to moving the deal forward, which Canal+ initially launched in June 2024.
The final timetable is now locked in: shareholders who tendered their stock will receive initial payments on Oct. 1, while the closing of the offer is scheduled for Oct. 10 at noon. Results will be published on the Johannesburg Stock Exchange on Oct. 13, with last payments expected Oct. 17. The Takeover Regulation Panel still needs to issue a compliance certificate, which both companies described as imminent.
Shaping Africa’s pay-TV market
The transaction cements Canal+’s position in Africa, where it will combine forces with MultiChoice and China’s StarTimes to control roughly 90 percent of the continent’s pay-TV business, according to Digital TV Research.
Yet the market dominance comes as MultiChoice faces persistent subscriber losses, with 3.7 million customers leaving between 2023 and 2025. The broadcaster has already sold non-core assets such as its SuperSport United soccer club and is under pressure to contain costs while investing more in digital platforms like Showmax.
Canal+ has steadily raised its stake in MultiChoice over the past few years, while also boosting local programming through ventures such as Senegal’s Marodi TV. Industry analysts say the takeover is central to Canal+’s plan to deepen its reach in fast-growing markets where global players like Netflix and Amazon Prime are expanding.
Bollore’s long game
For Vincent Bollore, who remains one of France’s wealthiest men with an estimated fortune above $9.6 billion, the acquisition underscores his enduring influence over Africa’s media landscape. The Bollore family maintains strategic control of Vivendi, and the MultiChoice deal provides both scale and visibility at a time when streaming and pay-TV competition is reshaping global entertainment.
