French media conglomerate Canal+ has put forth a $2.9 billion (£2.2 billion) offer to acquire full ownership of South African broadcasting firm MultiChoice.
This bid marks an increase from the $1.7 billion proposal Canal+ made to MultiChoice in February, which was turned down by MultiChoice’s board for undervaluing the company.
MultiChoice stands as Africa’s largest provider of subscription TV services, including DSTv and the streaming platform Showmax.
With already holding a 35% stake, Canal+ is the majority shareholder in MultiChoice.
Canal+’s pursuit of MultiChoice aligns with its strategy to extend its footprint across the continent, beyond its current presence in West African and French-speaking nations.
Operating in 25 African countries, Canal+ leads the market for pay TV services in French-speaking African regions.
MultiChoice has seen a decline in profits in recent years due to increasing competition from streaming platforms.