Canal+ clears final hurdle to acquire S.Africa's MultiChoice / Photo: PIUS UTOMI EKPEI - AFP/File
-
Below Deck alumnus João Franco and brother arrested after fatal Turkey fight
-
Ole Miss inquiry expands after video and monkey-noise allegations
-
Thousands of Urban Homes Left Without High-Speed Internet Due to Broadband Blackspots
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
China's Singles' Day Exposes Persistent Consumer Caution
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
Energy Costs Push OECD Inflation Up to 4.5%
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
-
Sister recounts fatal machete attack as Irish murder trial continues
-
Georgia refrigeration company sues EPA after five-year HFC reprieve
-
HoloCoder technology promises brighter smartphone images and 3D depth data
-
EU proposes broad consumer safeguards for apps, subscriptions and ticketing
-
Early Black Friday Walking Pad Deals: Urevo and WalkingPad Discounts
-
Nvidia faces scrutiny over alleged Chinese intelligence link to Jensen Huang
-
Radical Numerics develops offline AI tool to detect engineered pathogens
-
Chennai orders inquiry after dogs die at shelter; two veterinarians face action
-
Kiara Advani Reveals Sidharth Malhotra’s Reaction to Toxic Backlash
Canal+ clears final hurdle to acquire S.Africa's MultiChoice
France's Canal+ said Wednesday it had cleared the final regulatory hurdle for the buyout of Africa's largest pay TV enterprise MultiChoice and further expand its footprint on the continent.
The company said in a statement that the South African Competition Tribunal had given its approval for Canal+ to acquire the approximately 55 percent of MultiChoice shares it does not already own.
The approval "clears the way for us to conclude the transaction in line with our previously communicated timeline" by October 8 at the latest, Canal+ chief executive Maxime Saada said in a statement.
"I’m excited about the potential this transaction unlocks for all stakeholders... the combined Group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies," he added.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service.
"It is a hugely positive step forward in our journey to bring together two iconic media and entertainment companies and create a true champion for Africa," Saada said about combining Canal+'s French language offerings with the English and Portuguese content on MultiChoice.
Canal+ hopes that the acquisition will allow it to grow to 50 to 100 million subscribers in a few years, from 27 million currently.
The mandatory share offer of 125 rand (6 euros) per share values MultiChoice values the company at $3.0 billion (2.6 billion euro).
The approval came with several public-interest conditions worth about 26 billion rand over three years and keeping MultiChoice's headquarters in South Africa.
Shares in Canal+ climbed 1.3 percent in trading in London, and are up 12.8 percent this year.
Y.Aukaiv--AMWN