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MultiChoice Group Ltd and Canal+ SA on Wednesday said the Competition Tribunal of South Africa has approved the French company’s takeover of the South African entertainment provider. The two companies said they remain on track to complete the mandatory offer by Canal+ for MultiChoice shares before October 8. Canal+ early in June last year improved its offer for MultiChoice to R 125 per share, a 67% premium to MultiChoice’s closing price of R 75 before Canal+ first approached MultiChoice investors on February 1 last year. The approval by the Competition Tribunal follows a positive recommendation from the Competition Commission of South Africa in May. On Wednesday, MultiChoice and Canal+ said the tribunal’s approval is subject to ‘agreed conditions’. In February, the duo said they had concluded their discussions over the structure of MultiChoice after the takeover. This proposed structure ensures that the MultiChoice acquisition complies with foreign control regulations and maintain MultiChoice’s broad-based black economic empowerment credentials, the two companies said then. In terms of the proposed structure, MultiChoice will be restructured so that the current holder of the broadcasting licence in South Africa and the entity which contracts with South African subscribers, MultiChoice (Pty) Ltd or Licence Co, will be carved out of the MultiChoice group and will become an independent entity. The remainder of MultiChoice’s video entertainment assets will remain part of the MultiChoice Group. Licence Co will continue to hold the subscription broadcasting licence in South Africa,and it will continue to contract with MultiChoice’s South African subscribers. MultiChoice and Canal+ said on Wednesday they will now undertake the process needed to implement the new structure. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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