Vivendi SE’s Canal+ has presented an all-cash bid to acquire MultiChoice Group Ltd., valuing the South African broadcaster’s shares at $2.9 billion.

Canal+ proposes to purchase shares at 125 rand ($6.7) each, as disclosed by MultiChoice and Canal+ in a joint filing on Monday. The bid now awaits review by a newly formed independent board of MultiChoice.

Successfully navigating South Africa‘s regulations on foreign media ownership could grant Canal+ enhanced access to the burgeoning African market, which boasts the world’s fastest-growing and youngest population. Discussions at an early stage suggest the potential involvement of South African billionaire Patrice Motsepe to facilitate the deal.

Canal+ initiated its acquisition of MultiChoice shares as early as 2020, eventually exceeding a 35% stake in the company this year, prompting a mandatory takeover offer. Vivendi, with a significant footprint in high-growth regions like Africa and Asia, intends to separately list Canal+ — its primary unit. Additionally, French authorities have expressed intentions to maintain MultiChoice’s listing on the Johannesburg Stock Exchange.