French media giant Canal+ Group has finalised its acquisition of MultiChoice, South Africa’s leading pay-TV operator, in what has been described as the largest transaction of its kind.
In a joint statement on Monday, both companies confirmed that the transaction is now unconditional, giving Canal+ direct ownership of 46 percent of MultiChoice shares, with an additional 2.2 percent secured through shareholder acceptances. The deal, valued at 125 rand per share, secures a 48.2 percent stake in MultiChoice.
The merger will create a combined group serving more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, with a workforce of about 17,000 employees.
As part of the new structure, Maxime Saada, Chief Executive Officer of Canal+, has been appointed Chairman of MultiChoice’s restructured board. David Mignot will lead Canal+’s African operations, including MultiChoice, as CEO, while Nicolas Dandoy assumes the role of CFO. MultiChoice’s outgoing CEO, Calvo Mawela, has been named Chair of Canal+ Africa.
The companies also noted that adjustments were made to comply with South Africa’s foreign ownership rules. Previous voting restrictions on non-South African shareholders have been removed, while Canal+ pledged to maintain investment in locally produced entertainment and sports content.
“Today marks an important step forward for CANAL+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity,” Saada said. He added that the combined entity would deepen investment in creative and sporting content across its global markets.
Mawela described the merger as “an exciting new journey for Africa’s media industry”, while Mignot highlighted the role of digital innovation in expanding access and “giving Africa a stronger voice on the world stage.”
Canal+ said it will release a strategic update in the first quarter of 2026, outlining expected synergies and growth opportunities from the merger.
