Canal+ has announced that its mandatory takeover offer for the shares in MultiChoice Group it did not already own is now unconditional. This follows the completion of all necessary regulatory conditions. With the French pay-TV operator now in effective control of Multichoice, the integration process will begin.
Canal+ states this will create a global media and entertainment powerhouse, serving over 40 million subscribers across close to 70 countries. The combined company will boast a presence in both French and English-speaking markets. Canal+ naturally holds sway in French-speaking African nations, while MultiChoice has a stronger foothold in English-speaking countries, including South Africa, Nigeria, and Kenya.
Significant changes have been made to the company's leadership and board. Maxime Saada, Canal+'s Chairman and CEO, will chair the combined entity. David Mignot, the long-standing CEO of Canal+ Africa, and Nicolas Dandoy will serve as CEO and CFO, respectively, of Canal+ African operations, including Multichoice Group. The operations across the African continent will be chaired by Calvo Mawela, the outgoing CEO of MCG. Timothy Jacobs, the outgoing CFO of MCG, will retain a senior position within the finance department of the combined Group.