A sum of $2.9bn (£2.2bn) has been offered by a French media company Canal+ to fully acquire South African broadcasting company MultiChoice.
As compared to the $1.7bn bid that was presented to MultiChoice in February, which MultiChoice’s board rejected as undervaluing the company the price was more attractive.
MultiChoice is Africa’s largest provider of subscription TV services, which include DSTv and streaming service Showmax.
Canal+ already owns 35% of MultiChoice and is the majority shareholder in the South African company.
It has been revealed that the intended acquisition of MultiChoice is part of Canal+’s strategy to expand its presence on the continent beyond West African and French-speaking countries.
Canal+ operates in 25 African countries and is the leading operator of pay TV services in French-speaking African countries.
MultiChoice’s profits have declined in recent years, amid growing competition from streaming services.
