APA-Johannesburg (South Africa) France’s television network Canal+ has offered to purchase the pan-African pay-television group MultiChoice for US$1.7 billion, Canal+ chairperson Maxime Saada has announced.
Saada confirmed that Canal+ had submitted an offer to acquire all of the issued shares of MultiChoice that it did not already own in a deal that could lead to Canal+ listing on the Johannesburg Stock Exchange.
Canal+ already held 31.7 percent of MultiChoice and is its biggest shareholder.
“Canal+ is a long-term investor in both MultiChoice and South Africa, and is proud to have been actively involved in Africa’s media sector for 30 years,” the chairperson said.
Saada said their offer, if successful upon approval by government, would be an important next step for MultiChoice to realise its full potential.
MultiChoice operates in more than 50 African countries and is struggling with dwindling revenues in the face of tough competition, according to reports.
NM/jn/APA