We study analytically the Mott transition of the N-orbital Hubbard model using dynamical mean-field theory and a low-energy projection onto an effective Kondo model. It is demonstrated that the critical interaction at which the insulator appears (Uc1) and the one at which the metal becomes unstable (Uc2) have different dependence on the number of orbitals as the latter becomes large: Uc1 ~ \sqrt{N} while Uc2 ~ N. An exact analytical determination of the critical coupling Uc2/N is obtained in the large-N limit. The metallic solution close to this critical coupling has many similarities at low-energy with the results of slave boson approximations, to which a comparison is made. We also discuss how the critical temperature associated with the Mott critical endpoint depends on the number of orbitals. Comment: 13 pages. Minor changes in V2