The South African Competition Tribunal has approved the proposed $3 billion mandatory takeover of broadcast firm, Multichoice, by France’s Canal+.
According to the French firm, the approval includes conditions, such as the implementation of a previously disclosed structure that maintains compliance with South African broadcasting ownership laws. It will also maintain funding for local South African general entertainment and sports content.
Recall that the deal received a positive recommendation from South Africa’s Competition Commission in May.
Canal+ said both parties should complete the deal before the previously announced long-stop date of October 8, 2025.
Speaking about the approval by the tribunal, the chief executive of Canal+, Mr Maxime Saada, said, “The approval 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.
“The combined Group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
On his part, the chief executive of MultiChoice Group, Mr 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.”
Canal+ first announced its intention to acquire Multichoice in February 2024, stating it will “be an important next step for MultiChoice to realise its full potential.”
Although, it faced some hurdles, it appears that the owners of DSTV and GOTV will have new proprietor.