Patrice Motsepe in Talks to Boost Canal+'s MultiChoice Bid
A prominent black South African entrepreneur, Patrice Motsepe, is reportedly in talks with Canal+ to potentially join forces in a bid for MultiChoice, Africa's leading pay-TV provider. Motsepe, with an estimated net worth projected to reach $2.5 billion by 2024, could help Canal+ meet South Africa's Black ownership criteria for broadcasting licenses.
Canal+ has been steadily increasing its stake in MultiChoice since 2020, raising it to 35% in February 2024. The French media giant initially bid $1.6 billion for MultiChoice in February 2024, but the offer was rejected. Canal+ then raised its bid to $2.9 billion in March 2024. The South Africa Takeover Regulation Panel granted Canal+ a 25-business-day extension to finalize its purchase offer, with the deadline set for April 8, 2024. Motsepe's potential involvement could strengthen Canal+'s bid, given his significant wealth and influence in South Africa.
If successful, Motsepe's acquisition could help Canal+ meet South Africa's Black ownership criteria, potentially paving the way for a smoother regulatory process. The final outcome remains uncertain, with the deadline for Canal+'s formal buy offer approaching on April 8, 2024.
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