Say goodbye to MultiChoice as you know it

French media giant Canal+’s acquisition of MultiChoice is now unconditional, with the deal set to be finalised in the coming month.

This development will also see a significant shake-up in MultiChoice’s C-suite, with the company’s current board resigning on Monday, 22 September. This includes CEO Calvo Mawela and CFO Tim Jacobs.

Two Canal+ executives, David Mignot and Nicolas Dandoy, will take over as CEO and CFO of the Canal+ African operations, respectively.

Mawela will become the chair of these operations, which includes MultiChoice. Jacobs will continue to hold a senior position in the combined group’s finance department.

On Monday, 22 September, MultiChoice explained that, as of 19 September, all the suspensive conditions to the Canal+ offer have been fulfilled or waived. Therefore, the offer has become unconditional.

Subject to the Takeover Regulation Panel issuing a compliance certificate, which is expected imminently, the settlement process will now commence.

“Today marks an important step forward for Canal+, as we begin to integrate MultiChoice to create a group with enhanced scale, reach and creativity,” Canal+ CEO Maxime Saada said.

“Our combined company is unique, a true global media and entertainment powerhouse, serving more than 40 million subscribers across close to 70 countries.”

“This combination increases our ability to invest in creative and sporting content throughout Europe, Africa and Asia.”

“I want to thank the teams at Canal+ and MultiChoice who have made this transaction a reality. We will now begin to integrate MultiChoice, delivering greater value for all stakeholders.”

Mawela echoed this sentiment, calling the acquisition an “exciting new journey” for MultiChoice.

“Over the past three decades, we’ve built something special – grounded in innovation, resilience and a shared commitment to bring great content to our audiences,” he said.

“Going forward, this commitment remains unchanged to our audiences everywhere. The new combined leadership team brings a strong vision and deep expertise to the whole Canal+ Africa business, which will take the group to greater heights.”

The timetable below sets out how the Canal+ offer will proceed.