The South African broadcasting business MultiChoice has received a $2.9 billion (£2.2 billion) bid from the French media company Canal+ to entirely purchase it.
In comparison to the $1.7 billion offer it made to MultiChoice in February, which the latter company’s board turned down because it undervalued the business, this is a more alluring price.
The biggest supplier of subscription TV services in Africa is MultiChoice, which offers Showmax and DSTv among other services.
Canal+ now holds a 35% stake in MultiChoice, making it the company’s principal stakeholder in South Africa.
As part of its plan to increase its footprint on the continent beyond West African and French-speaking nations, Canal+ intends to acquire MultiChoice.
As the top provider of pay TV services in French-speaking Africa, Canal+ has operations in 25 African nations.
In recent years, MultiChoice’s profitability has decreased due to increased competition from streaming providers.
