French media giant, Canal+, has received approval from South Africa’s Competition Tribunal to acquire pay-TV heavyweight, MultiChoice.

Yesterday, in a joint statement signed by both companies, they said they were on track to conclude the transaction before the long-stop date of October 8, 2025.

Recall that Canal+ triggered the deal earlier this year after surpassing the 35 ownership threshold that mandates a buyout under South African company law.

The French firm offered R125 per share, valuing MultiChoice at over R55 billion.

For the acquisition to sail through, the deal required a complex set of regulatory approvals from the Competition Tribunal, Johannesburg Stock Exchange (JSE), Takeover Regulation Panel, Independent Communications Authority of South Africa (Icasa), and the Financial Surveillance Department.

With the Competition Tribunal’s green light, the merger clears its most critical regulatory hurdle.

Commenting, Canal+ Chief Executive Officer, Maxime Saada, described it as “a hugely positive step forward in our journey to bring together two iconic media and entertainment companies and create a true champion for Africa.”

The acquisition will cost Canal+ more than R30 billion in cash.

While waiting for regulatory clearance, the French company continued to buy shares on the open market and, as of May 2024, held a 45.2 per cent stake in MultiChoice.

To win approval, the companies agreed to a robust public interest package aimed at promoting inclusivity in South Africa’s audio-visual sector.