Canal+ $2bn MultiChoice Takeover Fuels $5bn Rebound in Africa’s Private Capital Market

Africa’s private capital market posted a sharp rebound in the third quarter of 2025, driven largely by a wave of mergers and acquisitions, including Canal+’s high-profile takeover of South Africa’s MultiChoice Group in September, according to the latest Stears Q3 2025 Private Capital in Africa Activity Report.

The report reveals that the continent recorded 177 private market transactions worth $5 billion, representing a 60% surge from the $3 billion reported in the second quarter. However, the disclosure rate dropped to 51%, compared to 63% in Q2—falling below the typical quarterly average.

“The last quarter saw a steady flow of strategic mergers and acquisitions that continued to lift overall deal values,” the report stated. “Activity remained particularly strong in Southern Africa, with additional momentum coming from Morocco and Nigeria, underscoring the growing role of corporate consolidation and secondary exits in sustaining investor liquidity.”

The $2 billion acquisition of MultiChoice by the French media conglomerate Canal+ accounted for roughly 40% of the total disclosed deal value, making it the second-largest private transaction of 2025, behind the $2.2 billion part-acquisition of Khazna Data Center by artificial intelligence firm G42.

Despite the blockbuster deals, smaller and mid-sized transactions dominated the quarter, indicating growing investor interest in early-stage ventures. The proportion of large and mega deals fell to 21% from 27% in the previous quarter, while deals valued between $2.5 million and $10 million rose to 32%.

According to Stears, the shift signals a renewed focus on Series A venture rounds, particularly in digital and consumer technology sectors. Technology emerged as the most active sector, representing 21% of all transactions—surpassing consumer goods and services for the first time.

The rebound highlights renewed investor confidence in Africa’s private capital landscape, despite global macroeconomic headwinds, as corporate consolidation and tech-led innovation continue to shape the continent’s investment trajectory.

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