Canal+ and MultiChoice have taken significant steps in the proposed merger, with Canal+ set to acquire the South African pay-TV company. In a joint statement outlining the terms of the deal, Canal+ confirmed that they will acquire all outstanding shares in MultiChoice for ZAR125.00 per share, payable in cash.
The merger process has progressed with Canal+ and MultiChoice submitting a joint merger control filing to the Competition Commission in South Africa. They are also actively engaging with the Independent Communications Authority of South Africa (ICASA) and other regulatory bodies. Under South African competition laws, the transaction is categorized as a ‘larger merger’, requiring approval from the Competition Tribunal.
MultiChoice officially accepted the offer from Vivendi unit in June. The combined entity will hold a substantial presence in both the French and English-speaking markets, leveraging Canal+'s strength in French-speaking African nations and MultiChoice's dominant position in English-speaking countries, including South Africa, Nigeria, and Kenya.