Canal+ has secured approval from South Africa’s competition tribunal for its proposed acquisition of MultiChoice Group, clearing the final regulatory hurdle in the country and paving the way for the French media giant to acquire Africa’s largest pay-TV group.
Under the terms of the deal, Canal+ has made a mandatory cash offer of ZAR 125 ($7.11) per share to acquire all outstanding ordinary shares of MultiChoice not already owned by the French media group.
The approved conditions include public interest commitments aimed at enhancing the participation of historically disadvantaged persons (HDPs) and small, micro and medium enterprises (SMMEs) in South Africa’s audiovisual sector. The commitments also guarantee sustained investment in local general entertainment and sports programming.
Canal+ and MultiChoice are now set to implement a structural arrangement, unveiled in February, which addresses local ownership regulations under South Africa’s Electronic Communications Act. The plan includes the separation of MultiChoice’s South African broadcasting licensee, MultiChoice into an independent, HDP-majority-owned entity.
Canal+ CEO Maxime Saada said the tribunal’s approval marks “the final stage in the South African competition process,” enabling the companies to move forward on the transaction. Saada noted the deal positions the combined group to deliver greater scale, tap into high-growth markets, and realize cost and other synergies across operations.
Canal+ previously said after its spin-off from French media and telecom conglomerate Vivendi that it would take an “active M&A strategy.”
MultiChoice CEO Calvo Mawela described the decision as a “significant milestone,” emphasizing the strategic alignment of the companies and their shared commitment to community impact.
The companies expect to complete the transaction before the so-called long-stop date of Oct, 8, following a deadline extension announced earlier this year.
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