Table of Contents
Key Points
- South Africa’s Tribunal approves Canal+’s $2.9 billion deal to acquire all remaining shares of MultiChoice Group Ltd.
- The takeover requires carving out MultiChoice's broadcast license to meet local HDP ownership rules under South African law.
- The deal boosts Canal+’s reach to over 22 million African subscribers and strengthens its position against global streaming rivals.
Canal+ Group, the media conglomerate controlled by French billionaire Vincent Bollore through Vivendi SE, has secured final regulatory approval for its mandatory offer to acquire remaining shares of South African pay-TV giant MultiChoice Group, the parent of DStv and Showmax.
The Competition Tribunal of South Africa greenlit the transaction, subject to a set of public interest conditions, marking the final phase in Canal+’s bid to consolidate control of Africa’s largest video entertainment platform. The Paris-based company offered R125 ($6.66) per share in cash, valuing MultiChoice at about R55 billion ($2.9 billion).
Canal+ inches closer to full control of MultiChoice
The Tribunal’s approval, announced on July 23, follows a favorable recommendation from South Africa’s Competition Commission in May, and unlocks the final procedural gate in the acquisition pathway.
To comply with South African broadcast ownership laws, the deal will carve out MultiChoice’s core domestic license holder—MultiChoice (Pty) Ltd—into an independent company majority-owned and controlled by Historically Disadvantaged Persons (HDPs). This structure preserves compliance with the Electronic Communications Act of 2005, which restricts foreign control of local broadcasters.
“The approval... marks the final stage in the South African competition process,” said Maxime Saada, CEO of Canal+, noting that it paves the way for a “true champion for Africa” in global media. The deal’s conditions include a robust package of public interest commitments, such as ongoing support for local entertainment and sports content, and meaningful participation of Small, Micro and Medium Enterprises (SMMEs) in South Africa’s audiovisual ecosystem.
This paves the way for Canal+ to acquire the remaining 55 percent stake and invest R26 billion ($1.48 billion) over three years in public interest initiatives.
Bollore’s Canal+ Africa ambitions take shape
Canal+, which has steadily grown its MultiChoice stake to over 43.5 percent in recent years, is expected to complete the offer by the long-stop date of October 8, 2025, as previously announced. The firm has also made African content investments—including in Senegal’s Marodi TV—to deepen local engagement.
The MultiChoice takeover is the cornerstone of Canal+’s push into high-growth markets. With over 22 million subscribers across Africa, the deal bolsters Canal+’s distribution reach, streaming footprint via Showmax, and its ability to compete with global players like Netflix and Amazon Prime.
For Vincent Bollore, whose family retains strategic control of Vivendi, the deal signals continued influence over Africa’s media evolution. As of July 2025, Bollore ranks among France’s wealthiest, with a fortune north of $10.3 billion, according to the Bloomberg Billionaires Index.
