Canal+ Nears Completion of MultiChoice Takeover with Competition Approval
In a significant development, South Africa’s competition watchdog has conditionally approved the proposed acquisition of pay-TV giant MultiChoice by French media conglomerate Canal+, bringing the nearly year-long acquisition process closer to finalization.
The deal, pending final clearance from the Competition Tribunal, would see Canal+ acquire the remaining shares in MultiChoice that it does not already own. With Canal+ currently holding approximately 45 percent of MultiChoice, the French company has put forward an offer to purchase the remaining shares at 125 rand (about €6.16) per share.
Canal+ aims to solidify its presence across Africa, where it currently operates in 25 countries through 16 subsidiaries, serving an estimated eight million subscribers. On the other hand, MultiChoice stands as the largest pay-TV provider on the continent, operating in 50 sub-Saharan countries and boasting a subscriber base of 19.3 million. The company owns prominent services such as SuperSport and the DStv satellite platform.
Canal+ CEO Maxime Saada expressed his excitement about this development, referring to it as a “major step forward” in the company’s ambition to establish a global media and entertainment powerhouse with a strong focus on Africa.
The Competition Commission’s approval includes several public-interest conditions valued at approximately 26 billion rand over a three-year period. These conditions encompass increasing ownership by historically disadvantaged South Africans and maintaining MultiChoice’s headquarters in South Africa.
Although a specific date for the Tribunal’s ruling has not been set, Canal+ is optimistic about finalizing the acquisition by early October.
