Canal+ has secured the final regulatory approval from South Africa’s competition tribunal for its proposed acquisition of MultiChoice Group.
This pivotal decision clears the way for the French media giant to take over Africa’s largest pay-TV operator, which includes popular brands like DStv and GOtv.
Under the terms of the deal, Canal+ has made a mandatory cash offer of ZAR 125 (approximately $7.11) per share to acquire all outstanding ordinary shares of MultiChoice not already owned by the French company.
The tribunal’s approval comes with specific public interest commitments. These include enhancing the participation of historically disadvantaged persons (HDPs) and small, micro, and medium enterprises (SMMEs) in South Africa’s audiovisual sector.
The agreement also guarantees continued investment in local general entertainment and sports programming.
To comply with South Africa’s Electronic Communications Act regarding local ownership, Canal+ and MultiChoice will implement a structural arrangement unveiled in February.
This plan involves separating MultiChoice’s South African broadcasting licensee into an independent entity, which will be majority-owned by HDPs.
Maxime Saada, CEO of Canal+, stated that the tribunal’s approval marks “the final stage in the South African competition process,” allowing the companies to proceed with the transaction.
Saada emphasized that the combined group will benefit from increased scale, greater exposure to high-growth markets, and the ability to achieve cost and other synergies across their operations.
This aligns with Canal+’s previously stated “active M&A strategy” following its spin-off from Vivendi.
Calvo Mawela, CEO of MultiChoice, described the decision as a “significant milestone,” highlighting the strategic alignment of the two companies and their shared commitment to community impact.
The transaction is expected to be completed before October 8.
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