The South African Competition Tribunal has approved the proposed acquisition of MultiChoice Group Limited by French media giant CANAL+, paving the way for the formation of a pan-African media powerhouse.
CANAL+ SA, listed on the London Stock Exchange under the ticker CAN, and South African pay-TV leader MultiChoice Group Limited have jointly announced the approval of their long-awaited merger by South Africa’s Competition Tribunal.
The decision was released through the Stock Exchange News Service (SENS), the official regulatory news platform of the Johannesburg Stock Exchange (JSE), where MultiChoice is listed.
The green light from the Tribunal follows a positive recommendation from South Africa’s Competition Commission in May 2025 and represents the final hurdle in the country’s regulatory competition review process.
The deal, first proposed in a circular issued on 4 June 2024, involves a mandatory offer by CANAL+ to acquire all issued ordinary shares of MultiChoice not already owned by the French group, excluding treasury shares. Shareholders were offered ZAR125.00 per share in cash.
The approval is subject to several conditions, including the implementation of a previously disclosed structural framework announced on 4 February 2025.
Central to these conditions is a robust public interest commitment aimed at empowering historically disadvantaged persons (HDPs) and promoting small, micro, and medium-sized enterprises (SMMEs) in South Africa’s audio-visual sector.
This includes ongoing financial support for local South African general entertainment and sports content, ensuring continuity and growth opportunities for local content creators and the broader creative economy.
“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,” said Maxime Saada, CEO of CANAL+ in the joint statement which both companies released.
“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,” he added.
Saada emphasized that the merger would unlock potential for various stakeholders, especially South African consumers, creative businesses, and the country’s sports industry.
He added that the combined group would enjoy greater scale, expanded exposure to high-growth markets, and the ability to realize significant synergies.
Echoing this sentiment, MultiChoice CEO Calvo Mawela described the approval as “a significant milestone” that advances both companies’ strategic vision and deepens their commitment to community upliftment.
“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,” Mawela said.
To comply with South Africa’s Electronic Communications Act of 2005, which restricts foreign ownership and control of local broadcasting licenses, the parties will implement a structural arrangement that carves out MultiChoice (Pty) Ltd, known as “Licence Co”, from the larger MultiChoice Group.
This entity, responsible for direct contractual relationships with South African subscribers, will become a standalone company majority-owned and controlled by HDPs.
The transaction remains on track for completion ahead of the long-stop date of 8 October 2025, following the timeline announced on 8 April 2025.
Both parties have affirmed their responsibility for the accuracy of the information contained in the joint announcement.
The Independent Board of MultiChoice confirmed its commitment to the integrity of the information related to MultiChoice, while the directors of CANAL+ did the same with respect to their company’s disclosures.
This merger marks a historic step for the African media and entertainment landscape, signaling the emergence of a formidable entity capable of reshaping content production and distribution across the continent.
