Canal+ completes MultiChoice takeover, delists company from JSE effective Dec 10

In a major shakeup for Africa’s media landscape, MultiChoice Group Limited (MCG) has been formally delisted from the Johannesburg Stock Exchange (JSE) and A2X. This is effective from Wednesday, 10 December 2025. The move finalizes the company’s transition to a privately-held entity. It is now under the full ownership of French media giant Groupe Canal+ S.A.S.

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The delisting follows the successful completion of a compulsory acquisition (“squeeze-out”) by Canal+. Months back Canal+ secured over 90% of MultiChoice shares, allowing it to force the sale of remaining minority holdings.

The Mechanics of the Compulsory Acquisition

Canal+ triggered the legal process under Section 124(1) of South Africa’s Companies Act after its tender offer reached the required threshold. All remaining minority shareholders were obligated to sell their shares at the offer price of R125 per share, the same terms as the initial public offer.

With this action, MultiChoice ceases to be a publicly traded company. It marks the end of its six-year independent run on the JSE since being spun off from Naspers in 2019.

Implications: From Public Scrutiny to Private Strategy

The delisting carries several immediate consequences:

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• End of Public Trading: Investors can no longer buy or sell MultiChoice shares on any South African public exchange.
• Operational Shift: As a wholly-owned subsidiary, MultiChoice gains operational flexibility away from quarterly earnings pressure, allowing Canal+ to implement its integrated strategy and turnaround plans more decisively.
• Regulatory Commitments Stand: Despite the ownership change, Canal+ has confirmed it will fulfill all conditions set by South Africa’s Competition Authorities.

What’s Next: The Promise of a Secondary Inward Listing

A key provision for South African investors is Canal+’s commitment to a secondary inward listing on the JSE. The company intends to pursue this listing within nine months of the delisting, as per regulatory agreements.

This future listing will offer local investors a chance to buy shares in the larger, combined Canal+ global entity. But not in the standalone MultiChoice business, which will remain privately held within the group.

The move solidifies Canal+’s dominance in the African pay-TV and streaming market. It now set the stage for a more formidable competition against global streaming giants.