French media giant Canal+ has received the final go-ahead from South Africa’s Competition Tribunal to acquire MultiChoice, the leading pay-TV company in Africa. This approval moves the deal closer to completion, expected before October 8, 2025.
Canal+ began its takeover bid earlier this year after crossing the 35% ownership mark that legally triggers a mandatory buyout offer. The French firm offered R125 per MultiChoice share, valuing the deal at over R55 billion (about $3 billion). Already, Canal+ owns a 45.2% stake after buying shares on the open market.
The deal needed approval from multiple South African regulators, including the Competition Tribunal, Johannesburg Stock Exchange, and broadcasting authority Icasa. The Competition Tribunal’s ok is the most critical regulatory hurdle cleared.
Both companies announced a public interest plan supporting small businesses and investment in local content and sports. This aims to boost inclusivity and growth for South Africa’s audio-visual sector.
To comply with South African laws limiting foreign ownership in broadcasting, MultiChoice operations will be restructured into a new entity called LicenceCo. This will be majority-owned by historically disadvantaged persons, with Canal+ having limited voting rights capped at 20%. MultiChoice Group keeps a 49% economic interest and 20% voting control.
MultiChoice CEO Calvo Mawela called the merger “a significant milestone” that will build a global media powerhouse focused on Africa.
Subscribers should see no disruption and may benefit from improved local content and technology as the companies integrate.
