Canal+ and MultiChoice have extended the deadline for completing their merger process, giving more time for regulatory approvals.
Canal+ made a mandatory offer to acquire all MultiChoice shares it does not already own for R125 per share in cash. The offer was detailed in a combined circular published on 4 June 2024.
Regulatory approvals are still in progress.
Canal+ and MultiChoice have been working with the Competition Commission, Independent Communications Authority of South Africa (ICASA), and other regulators to clear the deal.
New Deadline: 8 October 2025
Originally, all conditions for the deal needed to be met by 8 April 2025. Since regulatory approvals are still pending, Canal+ has extended the deadline to 8 October 2025.
Maxime Saada, CEO of Canal+, emphasised the importance of securing approvals properly, saying:
“We appreciate the progress made so far and remain committed to finalizing this transformative transaction within the new timeline.”
Calvo Mawela, CEO of MultiChoice, added: “Our teams continue to make great progress. We are focused on delivering a deal that benefits our customers, shareholders, and stakeholders.”
What’s Next?
With the extension, both companies will continue working toward securing regulatory approvals to complete the acquisition. The terms of the offer remain unchanged apart from the new deadline.
Sipho Maseko And Sonja De Bruyn Join BEE Consortium To Help Canal+ Secure MultiChoice Buyout
Last month, it emerged that Sipho Maseko and Sonja De Bruyn have joined a Broad-Based Black Economic Empowerment (BBBEE) consortium that will play a crucial role in facilitating Canal+’s acquisition of MultiChoice Group.
As part of the transaction, MultiChoice South Africa’s broadcasting licence operations will be restructured into a new independent entity, MultiChoice (Pty) Ltd (LicenceCo). This move ensures regulatory compliance while paving the way for Canal+ to expand its video entertainment footprint across Africa.
Creation of LicenceCo
As part of this restructuring:
- LicenceCo will operate as an independent entity, holding the South African subscription broadcasting licence and contracting directly with MultiChoice’s South African subscribers.
- LicenceCo will be majority owned by Historically Disadvantaged Persons (HDPs), ensuring compliance with Broad-Based Black Economic Empowerment (BBBEE) policies. The ownership structure will include:
- Phuthuma Nathi, which will hold a 27% economic interest.
- Two black-owned and managed investment firms, Identity Partners Itai Consortium and Afrifund Consortium, bringing strategic industry expertise.
- A Workers’ Trust (ESOP), ensuring employee participation in ownership.
- MultiChoice Group will retain a 49% economic interest in LicenceCo, with a 20% voting share.
- MultiChoice Group will maintain its existing 75% direct interest in MultiChoice South Africa, excluding LicenceCo. Phuthuma Nathi will retain its 25% stake in MultiChoice South Africa.
