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Canal+ Buys Majority Shares in Mauritius-based MC Vision
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Canal+ is expanding its reach in the African pay-TV market. Vivendi SE’s Canal+ has doubled its stake in MC Vision to become the major shareholder of the Mauritius-based digital pay-TV company.
According to Bloomberg, the French company had increased its stake in MC Vision from 37% to 75%, for an undisclosed amount. However, this increment is pending regulatory approvals.
Canal+ Acquisition of Mauritius-based MC Vision
The acquisition, once approved, would make MC Vision Canal’s latest acquisition in its aggressive expansion bid in Africa.
This significant move is similar to the recent one involving South Africa’s MutiChoice where Canal+ increased its stake to 45.2 per cent in the broadcasting company.
The change in ownership structure will also involve Currimjee Jeewanjee and Co., the family-owned business that co-founded MC Vision with Canal+ over two decades ago. The company will reduce their stake from 53% to 25%.
Also Read: Canal+ and MultiChoice Consider Solutions to Ownership Regulations
The state-owned Mauritius Broadcasting Corporation Corporation will also sell its 10% holding in MC Vision.
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Canal+ now has 8.1 million subscribers in Africa alone. This is compared to its closest competitor, Chinese-owned StarTimes, which has 13 million subscribers from its digital broadcasting business.
The acquisition of MC Vision, one of the largest pay-TV operators in Mauritius with a 13% market revenue capture, is an achievement for the french company.
The deal grants the company distribution access and closer oversight of the Vision’s 100 channels, which offer sports content, movies, documentaries, and other subscription video-on-demand (SVOD) services.
The new ownership structure is expected to support the company in continuing to meet the audiovisual needs of Mauritian households while allowing it to benefit from the resources and expertise of the Canal+ group.
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