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Canal+ (CAN) investor relations material
Canal+ M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Deal rationale and strategic fit
Acquisition leverages decades of experience to capture Africa's high growth potential, with the continent's population expected to exceed 2 billion by 2050 and GDP growth near 5% over the next five years.
The deal creates a global entertainment leader with a strong presence in Europe and Africa, aiming for 50–100 million subscribers and building on a quadrupled base over the past decade.
Combines strong local and global content, major sports rights, and a robust distribution network to maintain and grow market share.
Builds on a strong track record in French-speaking Africa and addresses mixed performance in English and Portuguese-speaking regions.
Seeks to strengthen global scale by combining footprints across Africa and Europe, enhancing market reach and operational capabilities.
Financial terms and conditions
Combined group reported 2024 revenues of approximately €9 billion and 41.8 million subscribers across 74 countries.
Combined 2025 cost base estimated at around €8 billion, with content as the largest expense at €4.6 billion.
Acquisition completed in September 2025, with control taken on September 22.
No due diligence was performed prior to acquisition to allow continued share purchases.
Synergies and expected cost savings
Over €400 million in annual EBITA cost synergies and €300 million in free cash flow synergies expected by 2030, compared to the 2025 baseline.
More than €80 million in free cash flow synergies already secured for 2026, mainly from content renegotiations, hardware price reductions, and refinancing.
Synergies stem from content, technology, procurement, marketing, and financing improvements, with a high conversion rate to free cash flow.
Implementation costs projected at €35 million in 2026, €40 million in 2028, and €20 million in 2030.
Synergy initiatives include rationalizing support functions and optimizing tech infrastructure.
- TimeTickerHeadlineOpen
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Record revenue, NOI, and distributions highlight strong growth and robust segment performance.
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