Sami Mnaychel’s Acquisition Drives MultiChoice Shareholder Squeeze-Out Announced on MyBroadband

Canal+ Gains Control of MultiChoice in Landmark Media Deal

October 13, 2025 – 8:00 AM

Johannesburg, South Africa – Groupe Canal+ of france has successfully acquired approximately 94.39% of the total issued ordinary shares of multichoice, solidifying its position as the dominant force in the African media and entertainment sector. The French media giant’s mandatory buyout offer, announced earlier this year, has been met with considerable approval from multichoice shareholders.

shareholder Approval and Squeeze-Out Process

More than 90% of shareholders not already affiliated with Canal+ consented to the sale, triggering a “squeeze-out” provision under section 124(1) of the Companies Act. This compels remaining shareholders to sell their stakes to Canal+ at the offered price of R125 per share. The move effectively transforms MultiChoice into a wholly-owned subsidiary of Canal+.

Listing Implications and Regulatory Hurdles

Following the squeeze-out, an application will be submitted to terminate the listing of MultiChoice shares on the Johannesburg Stock Exchange (JSE). Though, this delisting is contingent upon approval from the South African Reserve Bank. Canal+ anticipates providing further updates on this process shortly.

Inward Listing to Maintain Investor Access

In a move designed to reassure local investors, Canal+ has pledged to pursue a secondary inward listing on the JSE, building upon its primary listing on the London Stock Exchange. This decision aims to preserve market liquidity and provide South African investors continued access to a leading global media entity. The inward listing, like the delisting, is subject to regulatory approvals.

A combined Media Powerhouse

The acquisition represents the largest transaction in Canal+’s history and establishes a combined group with a substantial reach. The merged entity will serve over 40 million subscribers spanning nearly 70 countries across Africa, Europe, and Asia, supported by a workforce of roughly 17,000 employees. Integration efforts are already underway.

Key Facts: Canal+ and MultiChoice Acquisition

Metric	Details
Canal+ Ownership	Approximately 94.39% of MultiChoice
Buyout Offer Price	R125 per share
Combined Subscribers	over 40 million
Combined Geographic Reach	Nearly 70 countries
Total Workforce	Approximately 17,000 employees

“We are pleased with the overwhelming success of the offer,” stated Canal+ CEO Maxime Saada. “Following this outcome,we will be moving ahead with a squeeze-out of MultiChoice shareholders and a subsequent secondary inward listing of Canal+ in Johannesburg.”

saada further emphasized Canal+’s commitment to the African continent and the importance of providing domestic investors with access to the combined company.

The Evolving Media Landscape in Africa

The increasing consolidation within the African media industry reflects a broader global trend, driven by the need for scale and the convergence of traditional broadcasting with digital streaming services. According to a 2024 report by Digital TV Research, subscription video revenues in Africa are projected to reach $2.6 billion by 2029. This acquisition by canal+ positions the combined entity to capitalize on this growth. The growth of streaming services, like Netflix and Showmax, are forcing legacy broadcasters to adapt and compete for a shrinking pool of viewers, leading to partnerships and mergers.

Did You Know? The African video market is characterized by a high reliance on direct-to-home satellite television, but streaming is rapidly gaining traction, particularly in urban areas.

Pro Tip: Investors shoudl closely monitor regulatory developments related to media ownership and competition in South Africa, as thes could impact the long-term prospects of Canal+ and MultiChoice.

Frequently Asked Questions About the Canal+ and MultiChoice Deal

• What is a “squeeze-out” in this context? A squeeze-out is a legal process that allows a majority shareholder to force minority shareholders to sell their shares.
• Will MultiChoice shares still be traded on the JSE? No, an application has been made to terminate the listing on the JSE, pending regulatory approval.
• What does an “inward listing” mean for Canal+? It means Canal+ will list its shares on the JSE while maintaining its primary listing in London.
• How will this acquisition affect MultiChoice subscribers? The companies have not yet detailed specific changes for subscribers, but integration is expected to lead to new content offerings.
• What is the significance of the R125 per share offer? This represents the price that Canal+ is willing to pay to acquire all outstanding shares of MultiChoice.
• Is this acquisition expected to face further regulatory scrutiny? Yes, both the delisting and inward listing are subject to approval by the South African Reserve Bank and other financial regulators.

What are your thoughts on this major shift in the African media landscape? Share your insights in the comments below!

What potential conflicts of interest might arise from Sami Mnaychel leading the acquisition of MultiChoice, given Canal+’s existing market position?

The takeover Bid & Shareholder Implications

As reported extensively on MyBroadband, French media giant Canal+ – backed by billionaire Vincent Bolloré and now spearheaded by Sami Mnaychel – has finalized its acquisition of a controlling stake in MultiChoice Group.This move instantly triggers a mandatory offer to minority shareholders, effectively initiating a squeeze-out process. The offer, currently at ZAR 105 per share, represents a premium but has been met wiht scrutiny from investors and regulatory bodies alike. This acquisition impacts MultiChoice shareholders, DStv subscribers, and the broader South African media landscape.

Understanding the Squeeze-Out Mechanism

A shareholder squeeze-out, also known as a compulsory acquisition, occurs when an acquiring entity gains control of a company and then forces remaining minority shareholders to sell their shares. Here’s a breakdown of how it works in the MultiChoice scenario:

* Control Threshold: Canal+ now holds over 35% of MultiChoice shares, triggering South African takeover regulations.

* Mandatory Offer: Canal+ is legally obligated to extend an offer to purchase the remaining shares.

* Acceptance & Compulsory Acquisition: If Canal+ secures enough acceptances (typically over 90%), it can compel remaining shareholders to sell, even if they don’t want to.

* Delisting: Following a successful squeeze-out, MultiChoice is likely to be delisted from the Johannesburg Stock exchange (JSE).

Key Dates & Offer Details for MultiChoice Shareholders

The timeline for the offer is crucial for shareholders considering their options. Here’s a summary of key dates (as of October 13, 2025 – verify with official announcements for updates):

1. Offer Announcement: Initial offer published on MyBroadband and through official channels.
2. Acceptance Period: Shareholders have a defined period to accept the offer (typically several weeks).
3. Regulatory Approvals: The deal requires approval from the Takeover Regulation panel (TRP) and possibly other regulatory bodies.
4. Settlement Date: If the offer is successful, shareholders who accepted will receive payment.
5. compulsory Acquisition (if applicable): If the 90% threshold is met, a compulsory acquisition process will begin.

Sami Mnaychel’s Role & Canal+’s Strategy

Sami Mnaychel,as a key figure in Canal+’s leadership,is instrumental in executing this acquisition. His focus is reportedly on expanding Canal+’s footprint in Africa and leveraging MultiChoice’s established infrastructure and subscriber base. Canal+’s strategy appears to be centered around:

* Market Dominance: Consolidating its position as a leading pay-TV provider in Africa.

* Content Synergy: Combining Canal+’s content library with MultiChoice’s local productions and sports rights.

* Streaming expansion: Accelerating the growth of showmax, multichoice’s streaming service, potentially integrating it with Canal+’s own streaming platforms.

* Cost optimization: Identifying synergies and streamlining operations to improve profitability.

Impact on DStv Subscribers & the South African Media Landscape

The acquisition raises questions about the future of DStv and the broader South African media industry. Potential impacts include:

* Subscription Costs: Concerns exist that Canal+ may increase subscription prices to recoup its investment.

* Content Availability: Changes to content offerings are likely, with a potential shift towards more international programming.

* Competition: Reduced competition in the pay-TV market could stifle innovation and limit consumer choice.

* Local Content Production: The future of local content production remains uncertain, even though canal+ has expressed a commitment to supporting African content.

* Job Security: Potential for restructuring and job losses within MultiChoice.

Regulatory Scrutiny & Potential Challenges

The takeover has faced significant regulatory scrutiny, especially regarding competition concerns. The Competition Commission is reviewing the deal to assess its potential impact on the market. Key areas of concern include:

* Market Concentration: The combined entity will control a significant share of the pay-TV market.

* Sports Rights: Concerns about Canal+’s ability to leverage its financial muscle to secure exclusive sports rights, potentially disadvantaging competitors.

* Pricing Power: The potential for the merged entity to increase prices due to reduced competition.

What MultiChoice shareholders Should Do Now

Shareholders are advised to carefully consider their options and seek professional financial advice. Key considerations include:

* Evaluate the Offer: Determine whether the ZAR 105 per share offer is acceptable,considering potential future growth prospects.

* Understand the Risks: Assess the risks associated with remaining a minority shareholder if the squeeze-out is not fully successful.

* Consult a Financial Advisor: Seek personalized advice from a qualified