Vivendi’s Canal+ raises stake in South Africa’s MultiChoice to 40.8%
TLDR
- Canal+ increases stake in South African broadcaster MultiChoice to 40.83% through acquisition of 3.7 million shares.
- The acquisition follows Canal+'s recent all-cash mandatory offer to purchase all remaining shares of MultiChoice.
- Canal+ may need to adjust offer prices if shares are acquired at prices above 125 rand to ensure competitiveness.
French media conglomerate Vivendi's subsidiary, Canal+, announced this week its acquisition of 3.7 million shares in South African broadcaster MultiChoice, boosting its stake to 40.83%. This move follows Canal+'s recent all-cash mandatory offer to purchase all remaining shares of MultiChoice.
Canal+ had previously indicated its intention to potentially acquire additional shares of MultiChoice in the market throughout the offer. If these shares are acquired at prices exceeding 125 rand each, Canal+ is obligated to raise the offer price accordingly, ensuring it remains at least equal to the highest consideration paid per MultiChoice share.
The stake increase from 36.6% as of April 8 was achieved through share purchases made between April 12 and April 17, at prices ranging from 117.50 rand to 116 rand per share.
Points clés à retenir
Africa's rapid adoption of broadband and mobile internet, coupled with the increasing prevalence of smartphones, presents significant opportunities for growth in the media and entertainment sector. Canal+ anticipates that these trends will drive transformative changes in Africa's media landscape, paving the way for innovative content delivery and distribution models. The proposed deal between Canal+ and MultiChoice heralds a new era of consolidation and expansion in the African broadcasting industry, positioning the merged entity as a key player in shaping the future of media and entertainment on the continent and beyond.
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