French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.

The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.

The acquisition is ?the largest transaction ever undertaken? by Canal+, the statement said.

Canal+, which is already the sector?s leader in French-speaking African countries, now controls what it described as the leader in the continent?s English- and Portuguese-speaking regions.

?This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,? Canal+ chief executive Maxime Saada said in the statement.

The buyout was given a final green light by South Africa?s competition authority in late July, more than a year after Canal+ launched its bid.

Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.

Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.

MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.

It includes Africa?s premier sports broadcaster, SuperSport, and the DStv satellite television service. (AFP)

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