Canal+ clears final hurdle to acquire S.Africa's MultiChoice
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.
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