Billionaire Patrice Motsepe is reportedly in discussions with Groupe Canal+ to participate in the French broadcaster’s multibillion-dollar bid for MultiChoice Group, according to sources familiar with the matter.
Patrice Motsepe Considers Joining Canal+ Bid for MultiChoice Group
Motsepe’s involvement could potentially assist Canal+ in meeting South Africa’s stringent black ownership requirements, given his status as the country’s richest black individual.
Both Canal+ and Motsepe’s investment firm, African Rainbow Capital, have declined to comment on the ongoing talks. The discussions are said to be in the early stages, and there is no assurance of a finalized agreement at this point.
Canal+ has already amassed a stake exceeding 35% in MultiChoice, the largest pay-TV operator in South Africa.
This has triggered a mandatory takeover bid, with Canal+ seeking to expand its presence in African markets, which boast the world’s fastest-growing and youngest population.
The French broadcaster is expected to submit a formal offer for MultiChoice at R125/share, valuing the company at approximately R55 billion, before April 8th.
This offer comes after MultiChoice expressed reservations about Canal+’s initial bid of R105/share.
How MultiChoice is Expanding its Operations Across
Established in South Africa in 1985, MultiChoice has expanded its operations across the African continent, offering packages that include live English football matches and local programming.
Spun off from Naspers in 2019, MultiChoice also owns Showmax, a popular video streaming service and competitor to Netflix.
Vivendi, Canal+’s parent company, aims to merge its Canal+ operations with MultiChoice, envisioning a conglomerate with nearly 50 million subscribers and increased capabilities to invest in local content and sports.
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