Online Reporter
More than 20 months after first announcing a proposed takeover, French media conglomerate Canal+ can take full control of MultiChoice.
MultiChoice shareholders overwhelmingly voted in favour of the R125-per-share offer.
By the close of the offer on Friday, shareholders representing 92,54 percent of the shares not held by Canal+ voted for the buyout offer.
This means Canal+ effectively controls 94,39 percent of all MultiChoice Group’s shares. It owned 46 percent before the vote, and will now spend almost R30 billion to buy out all the other shareholders.
The official integration of MultiChoice and Canal+ has now started. MultiChoice is set to delist from the JSE, subject to approval by the Reserve Bank.
Canal+, which has its primary listing on the London Stock Exchange, will undertake a secondary inward listing on the JSE, which will be fast-tracked.
Canal+ is valued at £2,28 billion, or approximately R52,6 billion, making it a bigger listing than Boxer last year, which is now valued at almost R34 billion.
The acquisition of Multichoice by Canal+ marks the largest transaction ever undertaken by the French group.
The combined group will serve more than 40 million subscribers across close to 70 countries in Africa, Europe and Asia, supported by a workforce of approximately 17 000 employees.
The group had to create a new local licensing entity to comply with SA’s telecommunications licensing laws, including restrictions on foreign ownership and broad-based black economic empowerment requirements.
It also made almost R30 billion in commitments for local content procurement and promotion, and procurement from historically disadvantaged persons and small, medium and micro enterprises.
Maxime Saada, CEO of Canal+, said: “We are pleased with the overwhelming success of the offer. — News24
