Vivendi’s Canal+ increases stake in Mauritian pay-TV company
TLDR
- Vivendi SE’s Canal+ to increase stake in Mauritian digital pay-TV company MC Vision to 75% from 37%, aiming to strengthen presence in Africa.
- Currimjee Jeewanjee and Co. to reduce its stake from 53% to 25% as part of the deal, maintaining partnership with Canal+.
- Mauritius Broadcasting Corporation to sell its 10% stake in MC Vision, enhancing Canal+ group's support for the company's services in Mauritius.
Vivendi SE’s Canal+ is set to double its stake in MC Vision, a Mauritian-based digital pay-TV company, increasing its ownership to 75% from 37%, pending regulatory approvals. This move marks Canal+’s effort to strengthen its presence on the African continent. The transaction's financial details have not been disclosed.
Currimjee Jeewanjee and Co., which co-founded MC Vision with Canal+ over two decades ago, will reduce its stake from 53% to 25% as part of the deal. The state-owned Mauritius Broadcasting Corporation will also sell its 10% stake in the company.
The new structure “will enable MC Vision to continue to meet the expectations of Mauritian households in terms of audiovisual content and services, while benefiting from the support of the Canal+ group,” the companies said.
Key Takeaways
Canal+ is strategically expanding its footprint across Africa, the world's youngest and fastest-growing continent, to better compete with U.S. entertainment giants. In a significant move, Canal+ made a $3 billion all-cash offer in April for South African broadcaster MultiChoice Group Ltd., with plans to list the combined entity in both Europe and Johannesburg. This expansion aligns with Canal+'s broader goals of capturing a larger share of the African market. MC Vision, which Canal+ co-founded and helped pioneer digital satellite television in Mauritius in 1999, has since evolved into a key provider of premium and exclusive content in the region.
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