French media and telecommunications conglomerate Canal+ has completed the acquisition of South African television and streaming service MultiChoice, creating a group with a presence in nearly 70 countries worldwide.
In a joint statement on Monday, the companies said, “Your entertainment journey just got bigger! MultiChoice has joined Groupe CANAL+, and we’re building a stronger future of entertainment—together with YOU. Same DStv. Same favourites. Even more to come!”
The statement added that the acquisition is “the largest transaction ever undertaken” by Canal+, noting that the merging of the two companies will establish a group with over 17,000 employees, serving more than 40 million subscribers in Africa, Europe, and Asia.
According to the Reuters news agency, the purchase is estimated to be worth at least $2 billion, bringing an end to negotiations that started just over a year ago, following the government’s approval in July.
Having established itself as the leading streaming company in French-speaking African countries, the acquisition will enable Canal+ to expand its market presence to the continent’s English- and Portuguese-speaking regions.
“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.
