French media giant Canal+ Group has received antitrust clearance to proceed with its long-awaited acquisition of MultiChoice Group, South Africa’s largest pay-TV operator, in a deal valued at 35 billion rand ($2 billion).
This was disclosed in a joint statement from both companies on Wednesday, confirming that South Africa’s Competition Tribunal has approved the transaction, which will see Canal+ assume full control of MultiChoice, a Johannesburg Stock Exchange-listed firm.
Canal+, which already holds more than 35 per cent of MultiChoice, agreed to a set of public interest conditions as part of the regulatory approval.
These include commitments to invest in South African sports and entertainment content, support local content creators, and ensure the inclusion of historically disadvantaged persons and small businesses in the value chain.
The acquisition, which values MultiChoice at approximately 55 billion rand ($3.1 billion), marks a significant consolidation in Africa’s pay-TV market and strengthens Canal+’s footprint across the continent.
“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,” said Maxime Saada, Canal+ CEO.
“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,” Saada said, adding the “potential this transaction unlocks for all stakeholders, notably South African consumers, creative businesses and the nation’s sporting ecosystem.”
The CEO of MultiChoice Group, Calvo Mawela, described the antitrust approval as a pivotal development, stating it “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 (to build) a global media and entertainment company with Africa at its heart,” Mawela said.
