SA Tribunal gives Canal+ green light to acquire MultiChoice

French pay-TV firm Canal+ has received the go-ahead from South Africa's Competition Tribunal to acquire MultiChoice Group.

The South African Competition Tribunal has approved the proposed acquisition of MultiChoice Group by French pay-TV company Canal+ subject to conditions agreed earlier this year by the merging parties.

"The Tribunal's order handed down on July 22, 2025, follows the Commission's recommendation on May 20, 2025, that the proposed merger be approved subject to public interest conditions, and a recent hearing in which the Commission, the merger parties and various interested third parties made submissions," the Tribunal said in a statement.

In welcoming the Tribunal's order, Deputy Commissioner Hardin Ratshisusu said: "The commitments in excess of R30 billion (US$1.7 billion) required of the merged entity will ensure the merger has a significant positive impact in South Africa. In particular, the committed expenditure on local content will create vast opportunities for content creators."

In a statement issued via the Johannesburg Stock Exchange (JSE), MultiChoice Group and Canal+ told shareholders that as was previously disclosed, the agreed conditions include a robust package of guaranteed public interest commitments proposed by the parties.

"The package supports the participation of firms controlled by historically disadvantaged persons ('HDPs') and small, micro and medium enterprises ('SMMEs') in the audio-visual industry in South Africa. This package will maintain funding for local South African general entertainment and sports content, providing local content creators with a strong foundation for future success," the companies said.

The approval by the Tribunal follows a positive recommendation from South Africa's Competition Commission as announced on May 21, 2025, and concludes the competition review process in South Africa.

"The parties remain on track to complete the mandatory offer by Canal+ within the timeline announced on April 8, 2025, and prior to the long-stop date of October 8, 2025." the companies added.

Canal+ CEO Maxime Saada said the approval by South Africa's Competition Tribunal marks the final stage in the South African competition process and clears the way Canal+ to conclude the transaction in line with its previously communicated timeline.

Man watching on tablet
The approval by the Tribunal follows a positive recommendation from South Africa's Competition Commission as announced on May 21, 2025, and concludes the competition review process in SA. (Source: Image by Freepik)

"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. I'm excited about the potential this transaction unlocks for all stakeholders, notably South African consumers, creative businesses and the nation's sporting ecosystem. The combined Group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies," Saada explained.

MultiChoice Group CEO Calvo Mawela said the announcement marks a significant milestone and is a major step forward for both companies.

"It reflects the strength of our strategic vision and our ongoing commitment to continue uplifting the communities where we operate. 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 explained.

"The merging parties will now undertake the process needed to implement the structure as previously announced in February 2025. This structure meets the requirements of all applicable laws, including the restrictions on foreign ownership and control of South African broadcasting licenses contained in the Electronic Communications Act”, the companies said.

The structure includes MultiChoice (Pty) Ltd (Licence Co), the entity which contracts with South African subscribers, being carved out of the MultiChoice Group and becoming an independent entity, majority owned and controlled by HDPs.

Canal+ a step closer
The Tribunal supporting the takeover is a step in the right direction for the acquisition to happen.

For Canal+ to acquire MultiChoice Group, it needs to comply with South Africa's Electronic Communications Act, which forbids foreign companies from holding more than 20% of the voting rights in a South African broadcaster – hence the delay.

In February 2025, the two companies proposed a restructuring of MultiChoice Groups ahead of the planned Canal+ takeover.

Acquisition genesis
In February 2024, South Africa's Takeover Regulation Panel ruled that Canal+ had to make a mandatory offer to MultiChoice's minority shareholders to buy out the company, after acquiring more than 35% of the company on the open market.

The French company made an offer but MultiChoice believed the offer significantly undervalued the company and rejected it.

In March 2024 it made another offer to take up all the shares that it did not already own.

From then it started increasing its shareholding and by May 2024 the company held 45.2% of MultiChoice.

In June 2024, an independent board – set up by MultiChoice and reviewed by Standard Bank – found that the latest offer from Canal+ was "fair and reasonable" to MultiChoice shareholders.