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MultiChoice to accept buyout offer from Canal+

MultiChoice, Africa’s largest pay-TV operator, has been advised by an independent board to accept a $2.9 billion buyout offer from French streaming service Canal+.

The offer values MultiChoice at R120 ($6.4) per share, according to a valuation report by Standard Bank.

Canal+, a subsidiary of media group Vivendi which already owns 45.2 percent of MultiChoice, has proposed R125 per share. The offer won’t require shareholder approval but will remain open until April 2025.

According to a report by Financial Times on Tuesday, Maxime Saada, Canal+ chief executive officer said the deal is part of their plan to create “a global entertainment business with Africa at its heart” and become a major competitor to streaming giants like Netflix and Disney+.