Patrice Motsepe, Africa’s first Black billionaire, is in talks with Canal+, Vivendi’s media arm, about potentially joining their billion-dollar bid for MultiChoice Group, the parent firm of Sub-Saharan Africa’s renowned direct broadcast satellite service, DStv.
According to Bloomberg, Motsepe, Africa’s first Black billionaire, is in talks to help Canal+ comply with South Africa’s BEE regulations. He made his fortune in the mining industry through African Rainbow Minerals (ARM).
If successful, this agreement might bring Patrice Motsepe, the richest Black billionaire in Southern Africa with a net worth of $2.5 billion, into ownership of MultiChoice Group, expanding his stakes in South Africa’s biggest corporations.
TymeBank, a recent business of Motsepe, just reported its first profit, marking a significant milestone. The digital bank, with 8.5 million users, profited from ARC’s support and Motsepe’s strategic counsel.
While conversations are still in the early stages and no agreement is certain, a potential partnership between Motsepe and Canal+ may be a significant move in Africa’s media and entertainment landscape, reflecting the continent’s growing prominence in global markets.
Canal+, financed by Vincent Bolloré’s Bolloré Group, has increased its focus on Africa’s expanding entertainment industry. The French media giant increased its bid for MultiChoice Group to R55 billion ($2.9 billion) from an initial offer of R46 billion ($2.5 billion), despite already owning almost 35% of the company.
According to sources familiar with the subject, Canal+, which is advised by JPMorgan Chase and Bank of America, plans to make a formal offer for MultiChoice by April 8. The offer will be priced at R125 ($6.61) per share, with the company valued at approximately R55 billion ($2.9 billion). This proposal will be reviewed by MultiChoice’s independent board members.
