Canal+ closes Multichoice acquisition and prepares to float in South Africa

French pay TV operator Canal+ is to float on the South African stock market after concluding its US$3bn takeover of local media giant Multichoice.

Maxime Saada

Following the close of the offer process, Canal+ will own about 94.39% of all Multichoice shares.

As the offer was accepted by more than 90% of shareholders, Canal+ is required by law to compulsorily acquire all remaining MultiChoice shares.

Once it is a wholly owned subsidiary, Canal+ will terminate Multichoice’s listing on the Johannesburg Stock Exchange (JSE), subject to the necessary approvals. The group will then undertake a secondary listing on the JSE, subject to regulatory approvals, as part of its commitment to the South African competition authorities.

The integration of MultiChoice and Canal+ has now begun. Following a review, the company says it intends to inform the market of its detailed plans when it provides a strategic update for the combined group during the first quarter of 2026.

Maxime Saada, CEO of Canal+, said: “We are pleased with the overwhelming success of the offer. Following this outcome, we will now acquire the remaining shares in MultiChoice and seek a secondary inward listing of Canal+ in Johannesburg, in addition to our primary listing in London. We were clear the day we launched the acquisition of MultiChoice that this was a commitment we wanted to make.”