South Africa’s competition watchdog has given conditional approval to the proposed takeover of pay-TV giant MultiChoice by French media conglomerate Canal+, bringing the nearly year-long acquisition process significantly closer to completion.
The deal, which still requires final clearance from the Competition Tribunal, would see Canal+ acquire the remaining shares in MultiChoice it does not already own. The French company currently holds around 45 percent of MultiChoice and has offered to buy out the rest at 125 rand (approximately €6.16) per share.
Canal+ is aiming to strengthen its foothold across Africa, where it already operates in 25 countries through 16 subsidiaries, serving about eight million subscribers. MultiChoice, meanwhile, is the continent’s largest pay-TV provider, operating in 50 sub-Saharan countries with a subscriber base of 19.3 million. It owns key services including SuperSport and the DStv satellite platform.
Describing the development as a “major step forward,” Canal+ CEO Maxime Saada said the company’s ambition is to build a global media and entertainment powerhouse with Africa at its core.
The Competition Commission’s approval comes with several public-interest conditions valued at around 26 billion rand over three years. These include increasing ownership by historically disadvantaged South Africans and retaining MultiChoice’s headquarters in South Africa.
While no date has yet been set for the Tribunal’s ruling, Canal+ says it hopes to finalise the acquisition by early October.
