MultiChoice appointed the bank to examine the all-cash mandatory offer which would create a pan-African broadcaster with about 31.5 million subscribers across more than 50 countries.

Canal+, part of French media group Vivendi, in April made a firm offer of $6.68 in cash per MultiChoice share, or about $1.88 billion, which valued the company at about $2.94 billion.

The offer is expected to close by April 2025.

Maxime Saada, chairman and Chief Executive Officer of CANAL+, said on a media call that the French company had already invested close to $1.30 billion in buying a 45.2% stake in MultiChoice.

--Reuters--