By Ayomide Otitoju
South Africa’s Competition Commission has approved the proposed acquisition of Africa’s largest pay-TV provider, MultiChoice Group, by French media giant Canal+, in a deal that could reshape the continent’s media landscape.
The merger, which has been in progress for nearly a year, still requires final approval from the Competition Tribunal before it can be completed. Canal+ currently holds a 45% stake in MultiChoice and made a formal offer last year to acquire the remaining shares at R125 (approximately €6.16) per share.
“This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart,” Canal+ CEO Maxime Saada said in a statement following the commission’s announcement.
Canal+ operates in 25 African countries through 16 subsidiaries and serves eight million subscribers. MultiChoice, headquartered in South Africa, has a far-reaching presence in 50 sub-Saharan African nations with a subscriber base of 19.3 million. The group includes popular services such as SuperSport and DStv.
As part of its conditional approval, the Competition Commission outlined public-interest commitments totalling R26 billion over three years. These include initiatives to increase equity ownership among historically disadvantaged South Africans and a commitment to maintain MultiChoice’s headquarters within the country.
While no date has been set for the Competition Tribunal’s final ruling, Canal+ has expressed confidence that the transaction will be completed by early October.
