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1 month ago
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Source: AFP
South Africa's contention authorization announced Wednesday it had approved the buyout of Africa's largest wage TV endeavor MultiChoice by France's Canal+, which wants to grow its footprint connected the continent.
The merger, which has been successful the works for astir a year, needs the last go-ahead from the commission's Competition Tribunal, it said successful a statement.
Canal+ holds astir 45 percent of MultiChoice's shares and offered past twelvemonth to get the remainder for 125 rand (6.16 euro) per share.
Canal+ is contiguous successful 25 African countries done 16 subsidiaries and has 8 cardinal subscribers, according to the French group.
MultiChoice operates successful 50 countries crossed sub-Saharan Africa and has 19.3 cardinal subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv outer television service.
"This is simply a large measurement guardant successful our ambition to make a planetary media and entertainment institution with Africa astatine its heart," Canal+ CEO Maxime Saada said successful a statement.
The committee said its support of the merger was taxable to public-interest conditions worthy astir 26 cardinal rand implicit 3 years, including expanding the shareholding of people disadvantaged nether South Africa's white-minority apartheid regime.
It volition besides support the MultiChoice office successful South Africa.
A day for the Tribunal's determination connected the merger has not been announced but Canal+ said it was aiming for the woody to beryllium completed by aboriginal October.
Source: AFP
