Canal+ SA has cleared a key regulatory hurdle in its proposed acquisition of MultiChoice Group Limited, as South Africa’s Competition Tribunal approved the transaction, subject to previously agreed conditions. The approval follows a positive recommendation from the Competition Commission announced on 21 May 2025 and marks the final step in the country's competition review process, according to a joint statement released on the Johannesburg Stock Exchange's regulatory news service.
The transaction involves Canal+ acquiring all remaining issued ordinary shares in MultiChoice not already held by the company, excluding treasury shares, at a cash consideration of ZAR125.00 per share. The approval secures Canal+ the ability to finalize the deal within the communicated timeline, prior to the long-stop date of 8 October 2025, as first outlined in the Combined Circular published on 4 June 2024.
Maxime Saada, CEO of Canal+, said, “The approval by South Africa’s Competition Tribunal marks the final stage in the South African competition process and clears the way for us to conclude the transaction in line with our previously communicated timeline. It is a hugely positive step forward in our journey to bring together two iconic media and entertainment companies and create a true champion for Africa. I’m excited about the potential this transaction unlocks for all stakeholders, notably South African consumers, creative businesses and the nation’s sporting ecosystem. The combined Group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
Calvo Mawela, CEO of MultiChoice Group, added, “The announcement marks a significant milestone and is a major step forward for both companies. It reflects the strength of our strategic vision and our ongoing commitment to continue uplifting the communities where we operate. We look forward to executing the remaining processes required to complete the transaction and to start building something extraordinary: a global media and entertainment company with Africa at its heart.”
As part of the approval conditions, the companies committed to a comprehensive public interest package focused on supporting Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises (SMMEs) in South Africa’s audiovisual sector. These measures also include maintaining local funding for South African general entertainment and sports content, reinforcing the long-term sustainability of the country’s content production ecosystem.
In line with the regulatory framework under the Electronic Communications Act of 2005, the proposed structure includes carving out MultiChoice (Pty) Ltd, the South African licensing entity, into an independent business majority-owned and controlled by HDPs. This arrangement ensures compliance with foreign ownership limitations tied to South African broadcasting licenses.
The Independent Board of MultiChoice and the directors of Canal+ have both confirmed the accuracy of the information provided, affirming their commitment to transparency as the deal moves into its final execution phase. The acquisition signals a bold strategic expansion for Canal+ and positions the combined entity as a formidable global player with a strong foothold in Africa’s growing media and entertainment landscape.
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