Key Milestone in the Canal+ and Multichoice Merger
The merger between Canal+ and the Multichoice Group (MCG) has reached a significant milestone, marking the completion of the acquisition process. As of 19 September 2025, all conditions for the takeover have been fulfilled or waived, making the offer unconditional. This development means that Canal+ is now effectively in control of MCG, a company that was originally established as M-Net’s digital satellite division in 1994.
Canal+ directly owns 46.0% of MCG’s shares, excluding treasury shares, and an additional 2.2% of shares have already been tendered to Canal+ prior to the announcement. The group confirmed that the settlement process will now begin following the expected issuance of a compliance certificate by the Takeover Regulation Panel. This step is crucial in finalizing the transaction under section 121(b) of the Companies Act.
This acquisition represents the largest deal ever undertaken by Canal+, significantly strengthening its position as a global media and entertainment powerhouse. The combined group will serve over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, supported by a workforce of approximately 17,000 employees.
Commitment to South African Public Interest
For South Africa, the merger comes with a commitment to public interest measures. Canal+ and MCG have pledged to support firms controlled by Historically Disadvantaged Persons (HDPs) and Small, Micro, and Medium Enterprises (SMMEs) in the audio-visual sector. Additionally, funding for local general entertainment and sports content produced by South African creators will be maintained.
Multichoice customers can rest assured that their subscription and billing arrangements will remain unchanged. The integration of MCG and Canal+ will now commence, with detailed plans and strategic updates expected to be shared during the first quarter of 2026.
Leadership Changes and Board Composition
As part of the restructuring, MCG’s board has undergone significant changes. The new MCG Board includes:
- Maxime Saada (Chair)
- Elias Masilela (Lead Independent Director)
- David Mignot (Chief Executive Officer)
- Nicolas Dandoy (Chief Financial Officer)
- Kgomotso Moroka
- Louisa Stephens
- Deborah Klein
- James du Preez
- Jacques du Puy
A majority of these directors previously served as independent non-executive directors of MCG and will continue in that role. The new board members were appointed in accordance with the memorandum of incorporation of MCG, effective from 22 September 2025. Former MCG board members, including former CEO Calvo Mawela, resigned on the same date.
David Mignot and Nicolas Dandoy will lead Canal+’s African operations, which include MCG. These operations will be chaired by Calvo Mawela, the outgoing CEO of MCG. Timothy Jacobs, the previous CFO of MCG, will continue to hold a senior position in the finance department of the combined group.
Strategic Vision and Voting Rights
Maxime Saada, CEO of Canal+, emphasized the significance of the completed deal, highlighting the expanded reach of the combined company. “Our combined company is unique, a true global media and entertainment powerhouse,” he said. “This combination increases our ability to invest in creative and sporting content throughout Europe, Africa, and Asia.”
A key change in the merger involves the establishment of Multichoice Proprietary Limited (LicenceCo) to hold the broadcasting licence. This reorganization ensures compliance with the Electronic Communications Act, 2005, which limits foreign control to 20% voting rights. However, with the completion of the reorganization, the voting scale-back provisions no longer apply. As a result, all voting rights attached to MCG shares held by foreign shareholders, including Canal+, will now be counted in full on all shareholder resolutions.