French media giant Canal+ is on the verge of finalizing the acquisition of South African broadcaster MultiChoice in a transformative R30 billion deal. After steadily increasing its stake over recent years, Canal+ now holds approximately 45.2% of MultiChoice shares as of May 2024, positioning it just steps away from full ownership.
The impending takeover has drawn the attention of South African regulators. Both companies have submitted the required filings to the Competition Commission, with the process set to advance to the Competition Tribunal for approval. In parallel, they are engaging with the Independent Communications Authority of South Africa (ICASA) to ensure compliance with local broadcasting regulations.
One key challenge is navigating South African laws, which cap foreign voting rights in broadcasters at 20%. Canal+ and MultiChoice are exploring strategies to meet these regulatory demands while advancing the deal.
The acquisition also considers the preservation of MultiChoice's Broad-Based Black Economic Empowerment (BBBEE) status, a critical factor in South Africa's business landscape.
With an April 2025 target for completion, the final stages of this landmark acquisition are expected to bring more details as the companies address legal and structural complexities.
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