Entertainment giant Canal+ has begun the final steps to fully acquire MultiChoice Group, announcing plans to delist the South African pay-TV company from the Johannesburg Stock Exchange (JSE) before pursuing a secondary inward listing of its own shares.
This comes after Canal+ secured a 94.39% stake in MultiChoice, completing one of the largest transactions in Africa’s media industry. Its buyout offer of R125 per share was accepted by more than 90% of MultiChoice shareholders, giving the French company legal grounds to execute a “squeeze-out” of the remaining investors in accordance with section 124(1) of South Africa’s Companies Act.
“Upon the exercise of the squeeze-out, MultiChoice Group will become a wholly-owned subsidiary of Canal+, and an application will be made for the termination of the listing of MultiChoice Shares on the JSE,” the companies said in a joint statement.
Once the delisting process is completed and approved by the South African Reserve Bank, Canal+ will initiate a secondary inward listing on the JSE.
The group, which was listed on the London Stock Exchange in 2024 under parent company Vivendi SE, said the new listing will enable South African investors to retain access to its expanded global operations.
“A secondary inward listing will preserve South African investor access and market liquidity, allowing local investors to hold shares in a leading global media and entertainment company on the JSE,” the company stated.
“It will broaden the investor base of Canal+, reinforce the company’s long-term commitment to South Africa and Africa’s creative economy, and support continued institutional exposure to the media sector.”
The $3 billion acquisition is the largest in Canal+’s history, establishing a combined entity that serves more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia.
The integration of MultiChoice’s regional dominance with Canal+’s global reach marks a major consolidation in the continent’s pay-TV and streaming industry.
“We are pleased with the overwhelming success of the offer,” said Canal+ Chief Executive Officer Maxime Saada. “Following this outcome, we will be moving ahead with a squeeze-out of MultiChoice shareholders and a subsequent secondary inward listing of CANAL+ in Johannesburg.”
Saada reaffirmed that the company’s expansion into Africa was driven by a strategic and cultural commitment. “Given the important role Canal+ will now play in South Africa and across the African continent, I believe it to be critically important that domestic investors have the ability to have exposure to it,” he said.
The acquisition is expected to boost investment in Africa’s creative industries, with Canal+ positioning itself as a long-term player in the region’s fast-evolving entertainment sector.
As integration begins, both firms plan to announce changes to their executive structures to reflect the merger of operations and leadership across markets.
With this move, Canal+ strengthens its presence in Africa and also cross-continental media collaboration, uniting European capital with African creativity in a rapidly globalising entertainment industry.
