Patrice Motsepe to join Canal+’s bid for MultiChoice as deadline looms
TLDR
- Patrice Motsepe, South Africa’s wealthiest black individual and president of the Confederation of African Football, in talks to join Canal+'s bid for MultiChoice.
- Motsepe, with a net worth of $2.4 billion, is founder of Ubuntu-Botho Investments, African Rainbow Capital (ARC), and holds investments in Rain, TymeBank, and ARM.
- Canal+ expected to propose a bid for MultiChoice at 125 rand per share, valuing the company at about 55 billion rand ($2.9 billion) pending board approval.
Patrice Motsepe, president of the Confederation of African Football and South Africa’s wealthiest black individual, is reportedly in discussions to join Canal+'s bid for MultiChoice, as reported by Bloomberg late March. However, talks are still preliminary, and there is no assurance of reaching an agreement.
With a net worth of $2.4 billion according to Forbes, Motsepe is the founder and chairman of Ubuntu-Botho Investments and African Rainbow Capital (ARC). His investments include mobile network operator Rain and neobank TymeBank, alongside mining interests through Africa Rainbow Minerals (ARM).
Canal+ is anticipated to submit a formal bid for MultiChoice at 125 rand per share, valuing the company at approximately 55 billion rand ($2.9 billion), before April 8, pending consideration by the board's independent member.
Key Takeaways
In March, Canal+ raised its offer for the pan-African broadcaster to R125 per share, marking a 20% increase from the initial bid of R105 per share submitted in early February. This revised offer valued MultiChoice at approximately $2.9 billion. Since 2020, the French company has steadily increased its stake in MultiChoice from 20.1% to 35.01% by the time of the first offer in February 2023. However, experts have highlighted the regulatory complexities surrounding the potential acquisition of MultiChoice. Notably, foreign companies are restricted from holding more than 20% of voting rights in South African broadcasting firms. Patrice Motsepe's involvement in the deal may help navigate these complexities, providing a potential solution to regulatory hurdles.
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