Acquisition of Africa's Leading Pay-TV Company, MultiChoice, Clears Last Obstacle by Canal+
In a significant development for the African media industry, French media giant Canal+ has received approval from South Africa's Competition Tribunal for the acquisition of Africa's largest pay-TV operator, MultiChoice Group. The deal, valued at approximately ZAR 55 billion ($3 billion), will see Canal+ purchasing the remaining ordinary shares not already owned, at ZAR 125 ($7.11) per share.
The acquisition, which represents a 67% premium over the pre-acquisition share price, removes the final regulatory roadblock to the takeover of MultiChoice Group. The deal is expected to close by October 8, 2025, following a previous deadline extension.
Key specifics of the acquisition include a deal value of around $3 billion, with a cash consideration of ZAR 125 per share to acquire the remainder of MultiChoice not already held by Canal+. The deal must be completed by October 8, 2025, pending additional regulatory approvals from ICASA for the transfer of broadcasting licenses to a new entity called LicenceCo.
The Competition Tribunal approval includes previously agreed-upon conditions to address public interest concerns, such as license transfer approval and likely commitments regarding market competition and local content. As part of the conditions tied to the approval, Canal+ and MultiChoice have committed to separate South African broadcasting licensee into a HDP-majority-owned entity.
Maxime Saada, CEO of Canal+, described the approval from the South African Competition Tribunal as the final stage in the South African competition process. Calvo Mawela, CEO of MultiChoice, described the decision as a significant milestone, aligning with the companies' shared vision and commitment to community and content impact.
The acquisition is expected to bring greater scale and synergies that could boost investment in African content production and broadcasting innovation. While the sources do not detail explicit local content investment commitments in the approval statement, the tribunal approval’s framing around public interest and the creation of LicenceCo suggests ongoing regulatory oversight to ensure local content development and transformation in ownership aligns with South African and African regulatory priorities.
Canal+ CEO Maxime Saada highlighted the potential to create a “true champion for Africa,” benefiting consumers, creative businesses, and the sporting ecosystem. MultiChoice CEO Calvo Mawela described the approval as a “significant milestone” that secures financial stability amid growing competition from global streaming services and piracy.
The acquisition is part of Canal+'s broader M&A push post-Vivendi spin-off, reinforcing its ambitions to dominate the African media landscape and rival global streaming players. The deal could reshape Africa's media landscape, with Canal+ now set to control the largest pay-TV and streaming operation in Africa, with MultiChoice’s 19.3 million subscribers across 50 sub-Saharan countries, and streaming platform Showmax integrated into Canal+.
Supporting small, micro, and medium enterprises (SMMEs) and increasing historically disadvantaged persons (HDPs) participation in South Africa's audiovisual sector are commitments made by the companies as part of the acquisition. Continuing investment in local general entertainment and sports programming is also a commitment made by the companies as part of the acquisition.
In conclusion, the Canal+ acquisition of MultiChoice is a significant move aimed at consolidating the African pay-TV/streaming market, with a strong emphasis on regulatory oversight for license and ownership transformation, and promises to support local content and the wider creative economy.
The acquisition of MultiChoice Group by Canal+, a French media giant, in the African media industry, will involve a significant investment in the finance sector, as it is valued at approximately $3 billion. This purchase is expected to boost business in the industry, particularly in African content production and broadcasting innovation.
The deal between Canal+ and MultiChoice is not just about obtaining controlling shares; it also includes commitments to support small, micro, and medium enterprises (SMMEs) in South Africa's audiovisual sector, continuing investment in local general entertainment and sports programming, and increasing historically disadvantaged persons (HDPs) participation in the sector.
