Canal has bought a 34% stake in French cinema operator UGC, as the London-listed Euro giant announced plans for a secondary listing in South Africa.
The UGC agreement will see the Paris-based company make a “long-term commitment to French and European cinema and theatrical exhibition,” according to Canal+ Maxime Saada. The deal includes an option to build to a controlling stake in 2028.
Along with its cinema chain, UGC also has a sizable content library, which will supplement the 9,400 titles already owned by Studiocanal, Canal+’s TV and film production and sales wing. Financial terms of the deal were not disclosed.
The news came as Canal+ announced nine-month revenues of €4.86B, which from September 20 includes €78M consolidated from the takeover of South Africa-based MultiChoice. EBITA guidance was confirmed at €515M.
Once the MultiChoice deal is completely finalized, Canal+ will own 94.39% of shares, with an option triggered to buy up the rest.
Once fully under the Canal+ banner, MultiChoice will then delist from the Johannesburg Stock Exchange (JSE). Canal+ will then take on a secondary inward listing on JSE that will give MultiChoice shareholders better access to the African operation.
The figures released today cover the nine months to September 30.
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