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French firm Canal+ offers $2.9bn to buy Multichoice
French firm Canal+ offers $2.9bn to buy Multichoice

French firm Canal+ offers $2.9bn to buy Multichoice

French media company Canal+ has made an offer of $2.9bn (£2.2bn) to fully acquire South African broadcasting company MultiChoice.

It is a more attractive price compared to the $1.7bn bid that it presented to MultiChoice in February, which MultiChoice's board rejected as undervaluing the company.

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MultiChoice is Africa's largest provider of subscription TV services, which include DSTv and streaming service Showmax.

Canal+ already owns 35% of MultiChoice and is the majority shareholder in the South African company.

The intended acquisition of MultiChoice is part of Canal+'s strategy to expand its presence on the continent beyond West African and French-speaking countries.

Canal+ operates in 25 African countries and is the leading operator of pay TV services in French-speaking African countries.

MultiChoice's profits have declined in recent years, amid growing competition from streaming services.

 

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