Canal+ has secured approval from South Africa’s competition tribunal for its proposed acquisition of Africa’s leading Pay-TV Group, MultiChoice, in a landmark deal valued at approximately R53 billion (about $3 billion). This development marks a significant milestone in the consolidation of two major players in the global media and entertainment industry.
This announcement was jointly made by both companies today as they revealed they are on track to conclude the transaction before the long-stop date of October 8, 2025.
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 realise 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.”