French media giant Canal+ takes over Multichoice
French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.
The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.
The acquisition is "the largest transaction ever undertaken" by Canal+, the statement said.
Canal+, which is already the sector's leader in French-speaking African countries, now controls what it described as the leader in the continent's English- and Portuguese-speaking regions.
"This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world," Canal+ chief executive Maxime Saada said in the statement.
South Africa's competition authority gave the buyout the final green light in late July, more than a year after Canal+ launched its bid.
Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.
It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service.
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