Nigeria, Sept. 22 -- French media giant Canal+ has completed a buyout of South Africa's MultiChoice Group, the parent company of pay TV operators DSTV and GOTV.

CEO Maxime Saada announced a new board to oversee the broadcaster during a media call on Monday following the buyout. The acquisition is valued at R35 billion ($2 billion).

"A number of our subscribers and operations are in Europe. These two legs that we have with Africa and Europe will, I believe, deliver tremendous value to all stakeholders," the CEO said.

Canal+ hopes to gain vast traction in Africa's pay TV market via the transaction by leveraging MultiChoice's operations across fifty countries on the continent. Mr Saada stated that his company is looking to deploy strategi...