CANAL+–MultiChoice Merger Gets Conditional Approval from South African Competition Tribunal
In a joint announcement, the companies confirmed that the Tribunal has given its approval, subject to a set of agreed-upon public interest conditions.
The Competition Tribunal of South Africa has officially approved the multibillion-rand merger between CANAL+ SA and MultiChoice Group Limited, marking a pivotal step in the companies’ proposed transaction to create a pan-African media powerhouse.
In a joint announcement, the companies confirmed that the Tribunal has given its approval, subject to a set of agreed-upon public interest conditions.
The approval follows a positive recommendation from the Competition Commission announced on 21 May 2025 and concludes the regulatory competition review process in South Africa.
“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. 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.”
– Maxime Saada, CEO, CANAL+.
The merger will see CANAL+ acquire all remaining issued ordinary shares of MultiChoice Group not already held by the French firm at a cash consideration of ZAR 125.00 per share.
“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.”
-Calvo Mawela, CEO, MultiChoice Group.
Among the conditions approved by the Tribunal is the implementation of a structural arrangement first disclosed on 4 February 2025. This includes the creation of LicenceCo, an independent entity contracting with South African subscribers, which will be carved out from MultiChoice Group and majority-owned and controlled by Historically Disadvantaged Persons (HDPs). The move ensures compliance with local legislation, particularly the Electronic Communications Act of 2005, which imposes restrictions on foreign ownership of South African broadcasting licences.
The approved public interest commitments are designed to safeguard and promote local economic participation. These include enhanced opportunities for HDP- and SMME-controlled firms in the audio-visual sector, continued investment in South African general entertainment and sports content, and broader community engagement.
The companies remain on track to complete the mandatory offer before the long-stop date of 8 October 2025.
