Home / Annual Review 2019 – 2020 / Harnessing technology / MultiChoice separates from Naspers and lists on J...
  1. Facing the future
    1. Selling the Merkur offshore wind farm
    2. Advising on a EUR 1.1bn Bulgarian gas pipeline procurement
    3. Solving global challenges
    4. Ukrainian Gas Transmission System unbundling
    5. The green economy: identifying primary risks and key opportunities
    6. ALPLA expands its global plastic recycling capabilities
  2. Navigating a changing world
    1. Data and risk: challenges in an uncertain world
    2. CMS advises on major East Africa paint transaction
    3. Commerz Real lands the largest deal in its history
    4. Helping Teyliom Hospitality’s expansion in Central and West Africa
    5. Shaping the new normal
    6. Working through the COVID-19 lockdown
  3. Harnessing technology
    1. Technology: a unifying force
    2. Online gambling grows as Gamesys is sold to JPJ Group
    3. CMS advises on first ever European real estate transaction using blockchain
    4. CymbiQ Group on expansion course
    5. CMS helps Korean investors acquire prime real estate assets
    6. Lupl delivers transformative open industry platform for legal matters
    7. MultiChoice separates from Naspers and lists on JSE
    8. CMS advises on ‘Train Maya’ rail project
    9. Smart living: creating a framework for disruption and innovation
    10. CMS helps the BBC launch the streaming service BritBox in the UK
  4. Managing risk
    1. The true cost of ESG
    2. CMS advises Blackstone on its investment in Carrix
    3. CMS advises Zentiva on its acquisition of Alvogen
    4. ST Pharm establishes new medical testing and analysis business line
    5. Colgate-Palmolive acquires premium anti-ageing skin care brand
  5. Inside CMS
    1. CMS Academy adds participants through digital learning
  6. CSR and Diversity & Inclusion
    1. Diversity and Inclusion at CMS UK
    2. Médecins Sans Frontières (MSF): CMS Charity Partner
  7. Interviews
    1. Interview with Gabriela Staber
    2. Interview with Sophie Marquet
    3. Interview with Courtney Rothery
    4. Interview with María González Gordon
    5. Interview with Mariel Dimsey
    6. Interview with Nedžida Salihović-Whalen
    7. Interview with Annemieke Hazelhoff
    8. Interview with Michelle Barclay
    9. Interview with Gerlind Wisskirchen

MultiChoice separates from Naspers and lists on JSE


MultiChoice Group, a South African entertainment provider of, amongst others, satellite TV channels across Africa, underwent an unprecedented restructuring programme in 2018 and 2019. This process involved relocating the holding company from Mauritius to the Netherlands. This was an important pre-step to achieve the unbundling of MultiChoice Group from its parent company Naspers through a separate listing on the Johannesburg Stock Exchange (JSE). A CMS partner based in Johannesburg, advised MultiChoice on its restructuring in 42 jurisdictions across Africa.

The advisory team performed due diligence on MultiChoice operations, addressing the different regulatory frameworks and practical aspects. The varying operating models of MultiChoice in each country, including local entities, franchises and agency models, increased the complexity of the matter. The entire engagement took some 18 months and was completed in August 2019. 

This unwinding exercise and listing on the JSE resulted in MultiChoice improving its market position and value in the South African market. It also helps reinforce MultiChoice’s commitment to Broad-Based Black Economic Empowerment (B-BBEE) and socio-economic transformation, according to a Naspers announcement.