French media giant Canal+ has officially taken control of Johannesburg-listed MultiChoice Group, prompting sweeping changes to its corporate structure on the continent.
- •Canal+ has merged its new acquisition with its existing companies on the continent to create Canal+ Africa, with outgoing Multichoice CEO Calvo Mawela taking on the role of the new entity’s Chairman.
- •David Mignot will take on the role of CEO of the combined entity, which is structured in three divisions-Operations, which include TV and Fiber; Content, and Corporate Functions.
- •Canal+ described the deal as the largest transaction in its history, expanding its reach to more than 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia.
The changes follow the completion of Canal+’s mandatory takeover offer for the MultiChoice shares it did not already own. As of 19 September, Canal+ directly held 46% of MultiChoice shares, with an additional 2.2% tendered. The company’s stake will continue to grow as more shares are transferred under the R125-per-share offer.
Maxime Saada, Canal+ chair and CEO, will now lead the MultiChoice board as chair, while Elias Masilela becomes lead independent director. The executive team also includes Nicolas Dandoy as chief financial officer, and Jacques du Puy as an executive member. Independent non-executive directors Kgomotso Moroka, Louisa Stephens, Deborah Klein, and James du Preez will continue to provide governance oversight.
Immediate former MultiChoice CFO Timothy Jacobs will take up a senior finance role in the merged entity.
In South Africa, Canal+ and MultiChoice pledged to maintain strong commitments to local content production and industry development. These include continued funding for sports and general entertainment created by South African producers, as well as support for firms owned by historically disadvantaged individuals and small businesses in the audio-visual sector. For subscribers, existing billing and subscription arrangements will remain unchanged during the transition.