MultiChoice buyout approval secured in South Africa, paving the way for Canal+'s takeover
MultiChoice Accepts Canal+ Buyout, Regulatory Hurdles Cleared
MultiChoice, the leading pay-TV provider in Africa, has officially accepted the buyout offer from Canal+. The South African Competition Tribunal has conditionally approved Canal+'s mandatory takeover offer, paving the way for the acquisition. Both companies are expected to complete the transaction before October 8, 2025.
Canal+, which already owns over one-third of MultiChoice, will pay around 35 billion rand (~$2 billion) for full acquisition. This move will give Canal+ access to 19.3 million subscribers across 50 countries, as well as infrastructure and local content studios.
The regulatory approvals for the buyout are stacking up. Following the approval from the Competition Tribunal, the deal also received an earlier nod from the Competition Commission. However, ICASA approval is still needed to transfer MultiChoice's license to the newly formed LicenceCo.
The buyout was triggered under South African law when Canal+ crossed the 35% threshold. Since then, MultiChoice has faced challenges, with over a million subscribers lost across Africa and more than two million illegal streams by July 2025. In Nigeria, MultiChoice saw a 44% earnings dip by the same period, driven by currency volatility and rising costs.
Despite these challenges, MultiChoice has been proactive. In the beginning of 2024, they relaunched their streaming service Showmax and partnered with Comcast. They have also made a commitment of R26 billion towards local content, small businesses, and HDP-owned entities.
Canal+, positioning itself as a one-stop content aggregator for African viewers, has picked up stakes in local producers like Senegal's Marodi TV. In June, they became the first African pay-TV provider to bundle Netflix in 24 French-speaking countries.
The approved deal includes no layoffs for three years, ensuring stability for MultiChoice's workforce. Calvo Mawela, MultiChoice's CEO, described the approval as a significant milestone reflecting their strategic vision and commitment to the deal. The near-final acceptance of the acquisition marks a new chapter for MultiChoice and its African viewers.
[1] MultiChoice press release: [link] [2] Canal+ press release: [link] [3] Competition Tribunal decision: [link] [4] JSE statement: [link]
- This approvals process for the acquisition, with the Competition Tribunal's decision being the latest, demonstrates the growing interest of the technology sector in investing in the finance and business sector, particularly in the entertainment and media field, as exemplified by Canal+'s buyout of MultiChoice.
- With the impending buyout, Canal+ aims to leverage the vast consumer base and infrastructure of MultiChoice, thereby expanding its footprint in the entertainment sector, and potentially exploring new avenues in business and technology, all while assuring the workforce of MultiChoice stability with no layoffs for the next three years.
