French media giant Group Canal+ has all but completed its takeover of MultiChoice, It has securied a 94.39% of the South African pay-TV group’s issued shares following the close of its mandatory offer to shareholders.
The company has also confirmed it will proceed with the compulsory acquisition of remaining shares and delist MultiChoice from the Johannesburg Stock Exchange (JSE).
The mandatory offer, which closed on 10 October 2025, was accepted by shareholders holding approximately 92.54% of the shares not already owned by Canal+. With this overwhelming success, Canal+ will now invoke provisions of the Companies Act to compulsorily acquire all remaining MultiChoice Shares at the offer price of ZAR125 per share.
Upon the completion of this “squeeze-out,” MultiChoice will become a wholly-owned subsidiary of Canal+, and its listing on the JSE will be terminated.
Secondary Inward Listing on the JSE Preserves Local Access
In a key move for South African investors, Canal+ confirmed it will follow through on its pledge to undertake a secondary inward listing on the JSE, subject to regulatory approval. This commitment was made during the competition approval process to maintain local market liquidity.
A secondary inward listing will allow South African investors to continue holding shares in the combined global entity directly on the JSE. Canal+, which is primarily listed in London, stated this action will “broaden the investor base… and reinforce the company’s long-term commitment to South Africa and Africa’s creative economy.”
A Landmark Deal Creating a Global Media Powerhouse
The acquisition marks the largest transaction ever undertaken by Canal+, creating a combined group that serves more than 40 million subscribers across close to 70 countries in Africa, Europe, and Asia. T
he entity will be supported by a workforce of approximately 17,000 employees.
“We are pleased with the overwhelming success of the offer. 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, in addition to our primary listing in London.,” Maxime Saada, CEO of CANAL+ said.
“We were clear the day we launched the acquisition of MultiChoice that this was a commitment we wanted to make. 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 a leading media and entertainment company on the Johannesburg Stock Exchange while investors continue to get access to CANAL+ through the London Stock Exchange.”
The integration of MultiChoice into the Canal+ group has now officially begun.
