Bye bye MultiChoice: R53 billion takeover by French media giant Canal+ approved
The deal, valued at around R53 billion, will see Canal+ acquire full control of MultiChoice, best known for its DStv and Showmax platforms.
While the approval from the Competition Tribunal is a major milestone, the merger still needs clearance from other regulatory bodies, including Icasa, the JSE, the Takeover Regulation Panel, and the Financial Surveillance Department.
'It is a hugely positive step forward in our journey to bring together two iconic media and entertainment companies,' said Canal+ in a statement.
As part of the approval, the Tribunal imposed conditions designed to protect South African interests: Ongoing investment in local sports and general entertainment content.
Measures to support Historically Disadvantaged Persons (HDPs) and SMEs in the local broadcasting sector.
Guarantees to maintain South Africa's influence over content and access decisions through the continued independence of MultiChoice (Pty) Ltd, which services local subscribers.
'We look forward to executing the remaining processes and to building something extraordinary – a global media and entertainment company with Africa at its heart,' said Calvo Mawela, CEO of MultiChoice Group.
Despite the approval, Canal+ and MultiChoice must still navigate legal and policy hurdles, including South Africa's laws on foreign ownership of broadcasters.
As part of the transaction structure, MultiChoice's South African business will be carved out and maintained independently to comply with these restrictions.
Customers and viewers are not expected to be affected during the ongoing approval process, and both companies have committed to maintaining current services.
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