DLA Piper advises Multichoice on USD1.9 billion takeover by Canal+
DLA Piper is advising MultiChoice, a South Africa-based pay-TV operator, on a USD1.9 billion mandatory offer by Canal+, a French broadcaster. The transaction, on completion, will create a leader in the entertainment sector with Africa as its focal point.
MultiChoice, listed on the Johannesburg Stock Exchange (JSE), is Africa’s largest pay-TV operator, running DSTV, a major satellite television service offering across Sub-Saharan Africa.
Canal+, owned by French media group Vivendi, hopes to expand their existing pan-African footprint with MultiChoice’s acquisition. Canal+ currently has about 31.5 million subscribers in over 50 countries. The acquisition will also allow the sharing of African content with global audiences – allowing it to compete on an international scale.
The transaction is dependent on customary regulatory approval for transactions of this nature.
Charles Smith, director in the Corporate practice in DLA Piper’s Johannesburg office, commented: “Working on matters of this scale and complexity, involving not just our corporate expertise, but also local ownership (B-BBEE) requirements and sector licensing requirements, is what DLA Piper does at its best. We are happy to be supporting MultiChoice in this matter, which has far-reaching significance, not just in South Africa, but internationally.”
The DLA Piper transaction team is being led by director, Charles Smith (Corporate). Corporate directors Peter Bradshaw, Johannes Gouws, Marita van der Walt, and Mark Chivers (partner, Corporate, London) associate Susan Bisset, Humayra Hajat, and associate designate Tevin Ramalu are also part of the team advising. Livia Dyer (IPT) is also acting on the matter on a joint mandate in relation to broadcasting and other regulatory issues.
About DLA Piper
DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world. In certain jurisdictions, this information may be considered attorney advertising. dlapiper.com
Contact
Peter Otero, PR Manager, DLA Piper, tel, +44 (0)207 153 7617 email: peter.otero@dlapiper.com