GIPF pockets N$134m as Canal+ swallows DStv
The Government Institutions Pension Fund (GIPF) has realised N$133.9 million from French giant Canal+ ’s R55 billion acquisition of MultiChoice, the owner of DStv, SuperSport and Showmax.
GIPF executive spokesperson Edwin Tjiramba confirmed the fund sold 1 071 413 MultiChoice shares at the mandatory offer price of R125 each (approximately N$133 to N$135) through its various fund managers.
“As at end-September 2025, GIPF still held 85 365 shares. Every share was sold at a premium with no loss to the fund or its members,” Tjiramba said. The windfall came after Canal+ closed its mandatory offer on 10 October 2025, securing 92.54% of the remaining shares and reaching 94.39% total ownership.
This triggered South Africa’s Section 124 squeeze-out, forcibly buying the last 5.61% of holdouts, including any remaining GIPF shares.
The six-year takeover saga started in 2020 when Canal+ began buying MultiChoice stock. After two rejected bids, the R125 offer finally succeeded once regulators approved the creation of “LicenceCo” – a ring-fenced entity keeping DStv’s broadcasting licence majority black-owned.
MultiChoice shares were suspended on 27 October and will be delisted from the JSE on 10 December 2025. The merged group now controls over 40 million African subscribers, creating the continent’s only serious rival to Netflix and Disney .
For Namibian pensioners, the deal delivered a clean, profitable exit from a landmark African success story.
Founded in 1985, MultiChoice grew from a small South African satellite TV service into a continental entertainment leader.
Its DStv brand became synonymous with access to English Premier League football, local storytelling, and Nollywood hits, shaping television habits across more than 50 African countries.
By the early 1990s, the company had established itself as a pioneer of African broadcasting, introducing subscription TV to millions of households at a time when terrestrial television dominated, according to Bloomberg.
Originally part of Naspers, MultiChoice was spun off in 2019, giving it greater independence to compete in an increasingly digital media landscape.
GIPF executive spokesperson Edwin Tjiramba confirmed the fund sold 1 071 413 MultiChoice shares at the mandatory offer price of R125 each (approximately N$133 to N$135) through its various fund managers.
“As at end-September 2025, GIPF still held 85 365 shares. Every share was sold at a premium with no loss to the fund or its members,” Tjiramba said. The windfall came after Canal+ closed its mandatory offer on 10 October 2025, securing 92.54% of the remaining shares and reaching 94.39% total ownership.
This triggered South Africa’s Section 124 squeeze-out, forcibly buying the last 5.61% of holdouts, including any remaining GIPF shares.
The six-year takeover saga started in 2020 when Canal+ began buying MultiChoice stock. After two rejected bids, the R125 offer finally succeeded once regulators approved the creation of “LicenceCo” – a ring-fenced entity keeping DStv’s broadcasting licence majority black-owned.
MultiChoice shares were suspended on 27 October and will be delisted from the JSE on 10 December 2025. The merged group now controls over 40 million African subscribers, creating the continent’s only serious rival to Netflix and Disney .
For Namibian pensioners, the deal delivered a clean, profitable exit from a landmark African success story.
Founded in 1985, MultiChoice grew from a small South African satellite TV service into a continental entertainment leader.
Its DStv brand became synonymous with access to English Premier League football, local storytelling, and Nollywood hits, shaping television habits across more than 50 African countries.
By the early 1990s, the company had established itself as a pioneer of African broadcasting, introducing subscription TV to millions of households at a time when terrestrial television dominated, according to Bloomberg.
Originally part of Naspers, MultiChoice was spun off in 2019, giving it greater independence to compete in an increasingly digital media landscape.
