Canal+ Gets Final Nod to Acquire MultiChoice in $3B Deal
TLDR
- France’s Canal+ has received final approval from South Africa’s Competition Tribunal to acquire pay-TV operator MultiChoice
- Both companies confirmed they expect to complete the merger before the October 8, 2025 deadline
- The deal had to pass several regulators, including the Johannesburg Stock Exchange, Takeover Regulation Panel, Icasa, and the Financial Surveillance Department
France’s Canal+ has received final approval from South Africa’s Competition Tribunal to acquire pay-TV operator MultiChoice, clearing the most significant regulatory hurdle in a R55 billion deal.
Both companies confirmed they expect to complete the merger before the October 8, 2025 deadline. Canal+ triggered the transaction earlier this year after surpassing a 35% ownership threshold, requiring a mandatory offer under South African law. It offered R125 per share and now holds 45.2% of MultiChoice stock.
The deal had to pass several regulators, including the Johannesburg Stock Exchange, Takeover Regulation Panel, Icasa, and the Financial Surveillance Department.
To meet broadcasting laws, MultiChoice’s South African operations will shift to a new entity—LicenceCo—majority-owned by historically disadvantaged persons. Canal+ will hold 20% voting rights in LicenceCo and 49% of the economic interest will remain with MultiChoice Group.
Customers are expected to see no service disruptions. The two companies plan continued investment in content and local production.
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Points clés à retenir
The Canal+-MultiChoice merger signals growing consolidation in African media as global players seek scale across the continent. With over R30 billion in cash committed, Canal+ is deepening its Africa bet, targeting over 20 million subscribers and extensive local content production. The deal also reflects a broader trend—foreign firms navigating local ownership laws through corporate restructuring. The creation of LicenceCo helps comply with South Africa’s black ownership rules while preserving Canal+’s economic interests. The public interest commitments are a critical part of the approval process. These include support for small and black-owned production companies, along with investment in local programming and sports content. It’s a model other cross-border media deals may follow in Africa. As distribution platforms evolve and competition from streaming intensifies, the merged entity will be positioned to offer bundled services, shared infrastructure, and richer content libraries—reshaping how African audiences engage with digital entertainment.
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