The Meridian

Groupe Canal+ disposal of a 51% stake in LicenceCo to a consortium of BEE parties (MultiChoice transaction)

10 October 2026 Public record

Value
Undisclosed
Date
10 October 2026
Transaction type
Divestment
Practice area
Mergers and Acquisitions
Sector
Media and Entertainment
Jurisdiction
South Africa
Client
Consortium of BEE parties

Summary

Groupe Canal+ disposal of a 51% stake in LicenceCo to a consortium of BEE parties (MultiChoice transaction).

Shortlisted for DealMakers BEE Deal of the Year; LicenceCo is the ring-fenced South African licence vehicle created as a remedy in the Canal+/MultiChoice deal. Shortlisted for the DealMakers SA BEE Deal of the Year 2025. LicenceCo is 85% HDP-held: Phuthuma Nathi 27%, plus Identity Partners Itai Consortium, 13th Avenue Investments and the MCG Workers Trust; MCG retains a 49% economic interest and 20% voting rights; Phuthuma Nathi’s stake was funded via a R3.77bn (US$210m) loan claim from MCG, with R287m (US$15m) equity from 13th Avenue and IPIC.

Why it matters

Major (USD 100m-1bn or award-winning)

Scope of legal work

Werksmans (advised MultiChoice on broadcasting matters – Wendy Rosenberg, Tebogo Sibidla, Samantha Sinden); Webber Wentzel; Werksmans; Bowmans; Herbert Smith Freehills Kramer; TGR Attorneys

Advisers

Other parties

Consortium of BEE parties (acquirer or client); MultiChoice Group / Groupe Canal+ (counterparty or seller)

Other advisers

Werksmans DealMakers Awards 2026 note; Citigroup Global Markets; Morgan Stanley; Merrill Lynch; J.P. Morgan; Itai Capital; Merchantec Capital; BDO; EY

Sources

Compiled by Meridian from the public announcements and filings listed under Sources.

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