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Absa Corporate and Investment Banking (CIB) is proud to have supported MultiChoice Group (MultiChoice) in successfully completing a R12bn syndicated term loan facility. The funding transaction will enable MultiChoice to expand beyond its position as Africa’s leading video entertainment platform into a broader technology-based, consumer services ecosystem.

MultiChoice is the largest video-entertainment provider in sub-Saharan Africa, delivering video entertainment to 23.5m households in 50 countries.

The multi-bank transaction will provide MultiChoice with the financial flexibility and working capital funding required to continue growing its core linear video business, develop and scale its OTT operations and expand its other interactive services verticals.

To accelerate the scaling of its OTT vertical, MultiChoice recently entered into a partnership with Comcast’s NBCUniversal and Sky. By leveraging the greatest local, international and sports content of the two partners, as well as Peacock’s world-class streaming technology, this partnership will ensure that Showmax subscribers have the best streaming experience on the continent.

Absa remains a trusted funding and core transaction banking partner to MultiChoice, having previously acted as Mandated Lead Arranger, Original Lender and Facility Agent in support of MultiChoice’s second investment in digital and sports entertainment platform, KingMakers, in 2021 through a R4bn syndicated term loan facility.

“We are proud to maintain a strong relationship with MultiChoice that enables us to support our client’s ambitions to enrich their customers’ lives by creating the entertainment and consumer services platform of choice for African households” said Prasanna Nana, Regional Sector Head at Absa CIB.

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