Canal+ extends MultiChoice acquisition deadline

French pay-TV company Canal+ has extended the deadline for its acquisition of South African pay-TV and streaming company MultiChoice Group by five months amid regulatory challenges.

French pay-TV company Canal+'s planned acquisition of South African pay-TV and streaming company MultiChoice Group has been delayed until October 2025 to allow the companies to overcome regulatory challenges.

In a statement issued via the Johannesburg Stock Exchange (JSE), the two companies told shareholders that they had extended the so-called "long stop date" for the transaction by five months to give them more time to convince regulators to allow the deal to proceed.

"The process of obtaining merger control clearance from the South African competition authorities and the relevant regulatory processes is ongoing. These will not be complete by the long stop date of April 8, 2025, which is the date on which all the conditions for the implementation of the offer must be fulfilled or waived," the companies said.

"Accordingly, Canal+ has extended the long stop date for the fulfilment of the conditions to 8 October 2025. MultiChoice and Canal+ are of the view that this provides ample time for the fulfilment of the conditions. Save for the extension of the long stop date, the terms of the offer remain unchanged," the statement added.

Canal+ CEO Maxime Saada explained that the decision to extend the long stop date reflects the company's recognition of the hard work and positive progress achieved by all the parties and stakeholders in working towards securing the necessary clearances for the transaction.

"The timing of this transaction is critical, and we will continue working tirelessly to ensure the finalization of the transaction within this timeframe to ensure it retains its intended value and impact for all stakeholders," Saada said.

Why the delay?
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 Canal+'s latest offer was "fair and reasonable" to MultiChoice shareholders.