Canal+ has assumed control of MultiChoice Group (MCG) following the fulfilment of all suspensive conditions tied to its takeover offer.
The merger, announced as unconditional on Friday, 19 September 2025, marks the largest transaction ever undertaken by Canal+, positioning the combined entity as a global media and entertainment powerhouse.
“Subject to the Takeover Regulation Panel issuing a compliance certificate in respect of the Canal+ offer in terms of section 121(b) of the Companies Act, which is expected imminently, the settlement process in connection with the offer will now commence,” the group confirmed.
Canal+ Shareholding Surpasses 48% Threshold
As of the close of business on 19 September, Canal+ directly owned 46.0% of MCG’s issued shares, excluding treasury stock. An additional 2.2% of shares had already been tendered under the offer prior to the announcement of finalisation.
“Canal+ is therefore in effective control of MCG,” MultiChoice stated. “All the shares which are still to be tendered into the Canal+ offer, which is now unconditional, will further increase Canal+’s shareholding in MCG.”
Strategic Integration and Subscriber Reach
The combined Canal+ and MultiChoice Group will serve over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia. The workforce spans approximately 17,000 employees.
Maxime Saada, CEO of Canal+, said the integration marks a pivotal moment for the company’s global ambitions. “Our combined company is unique, a true global media and entertainment powerhouse,” he said. “This combination increases our ability to invest in creative and sporting content throughout Europe, Africa, and Asia.”
“The integration of MCG and Canal+ will now start to take place,” the group said. “Following an in-depth review, Canal+ intends to inform the market of its detailed plans and envisaged synergies when it provides a strategic update for the combined Group during the first quarter of 2026.”
Leadership Restructuring and Board Appointments
Effective 22 September 2025, MultiChoice implemented a new board structure to accommodate Canal+ representation. The new MCG Board includes:
- Maxime Saada (Chair)
- Elias Masilela (Lead Independent Director)
- David Mignot (CEO)
- Nicolas Dandoy (CFO)
- Kgomotso Moroka
- Louisa Stephens
- Deborah Klein
- James du Preez
- Jacques du Puy
Most members have previously served as independent non-executive directors and will continue to hold that status. Former CEO Calvo Mawela and other outgoing board members resigned on the same date.
David Mignot and Nicolas Dandoy will lead Canal+’s African operations as CEO and CFO, respectively, with Mawela assuming the role of Chair for these operations. Outgoing CFO Timothy Jacobs will remain in a senior finance role within the combined group.
Broadcasting Licence Reorganisation and Voting Rights
To comply with South African broadcasting regulations, MultiChoice has established Multichoice Proprietary Limited (“LicenceCo”) as the holder of its broadcasting licence. This reorganisation satisfies the requirements of the Electronic Communications Act and the South African Competition Tribunal.
“As a result of the completion of the Reorganisation, Multichoice Proprietary Limited now has its own shareholders, governance and South African control structure that adheres to the relevant statutory requirements in the ECA,” the company stated.
With the reorganisation complete, the voting scale-back provisions that previously limited foreign shareholder influence have been lifted. The MCG Board has resolved that all voting rights attached to shares held by foreign shareholders, including Canal+, will now be counted in full on all shareholder resolutions.
