The MultiChoice Group and French media giant Canal+ have jointly announced an extension of the deadline for their highly anticipated merger. This has pushed the long stop date from April 8, 2025, to October 8, 2025.
The decision comes as the companies acknowledged that they will not secure merger control clearance from South African competition authorities by the original deadline. The long stop date represents the final day by which all conditions for the merger must be met or waived.
In a statement released today, the companies emphasized that the ongoing process of obtaining regulatory approvals, particularly from South African competition authorities, necessitated the six-month extension.
“The process of obtaining merger control clearance from the South African competition authorities and the relevant regulatory processes are ongoing,” the joint statement read.
Both MultiChoice and Canal+ expressed confidence that the new time frame provides sufficient leeway to fulfil the transaction’s conditions while maintaining its original terms.
“Save for the extension of the long stop date, the terms of the offer remain unchanged,” they added.
Canal+ CEO, Maxime Saada underscored the collaborative efforts driving the merger forward, noting the complexity of securing approvals across multiple jurisdictions.
“The extension reflects the companies’ recognition of the work and positive progress achieved by all parties and stakeholders working towards securing the necessary clearances,” Saada said.
He stressed the importance of timing, adding, “We will continue working tirelessly to ensure finalization of the transaction within this timeframe to ensure it retains its intended value and impact for all stakeholders.”
MultiChoice Group CEO Calvo Mawela echoed Saada’s sentiments, highlighting the significant strides made by the teams involved.
“The teams continue to make great progress on this transaction,” Mawela said. “We remain committed to concluding a successful transaction that will create positive value for our customers, our stakeholders, and all other stakeholders in our ecosystem.”
The merger, if completed, is poised to reshape the African pay-TV landscape by combining MultiChoice’s dominance in anglophone markets with Canal+’s strong presence in francophone regions.
MultiChoice and Canal+ merger journey
The transaction, valued at over R55 billion (approximately $3 billion), stems from Canal+’s offer in February 2024 to acquire MultiChoice at R125 per share. This followed a gradual accumulation of MultiChoice stock by Canal+ on the open market, beginning in October 2020. By February 2024, Canal+ had surpassed South Africa’s mandatory offer threshold of 35% ownership, triggering the formal bid.
The Takeover Regulation Panel reported in May 2024 that Canal+’s stake had risen to 45.2%, with the French company continuing to purchase shares as the merger process unfolds. The cash component of the deal exceeds R30 billion, marking a significant investment in the South African media sector.
For the merger to proceed, approvals are required from several regulatory bodies, including the Financial Surveillance Department of the South African Reserve Bank, the Johannesburg Stock Exchange (JSE), the Takeover Regulation Panel, the Competition Tribunal, and the Independent Communications Authority of South Africa (ICASA).
The companies have been engaging with these entities since filing a joint merger control application with the South African Competition Commission on September 30, 2024. However, the complexity of complying with South Africa’s foreign ownership restrictions under the Electronic Communications Act, alongside broader competition concerns, has prolonged the review process.
To address regulatory hurdles, MultiChoice and Canal+ proposed restructuring the South African business in February 2025. This includes carving out MultiChoice (Pty) Ltd, the entity holding the South African broadcasting license, into an independent company dubbed “LicenceCo.” This entity will remain majority-owned by historically disadvantaged persons, ensuring compliance with local ownership laws while allowing Canal+ to assume control of MultiChoice’s broader operations. The LicenceCo structure is under review by the Competition Commission, with stakeholders optimistic about its approval.
The extension aligns with Canal+’s earlier forecast of revenue challenges in 2025, attributed to the loss of its free-to-air channel C8 in France and third-party contracts, including one with Disney. Despite these pressures, the merger is seen as a strategic move to bolster both companies’ positions in Africa’s rapidly evolving media market, driven by increasing broadband and mobile internet adoption.
As the September 2025 deadline approaches, all eyes are on the regulatory process and its implications for MultiChoice subscribers and the broader industry.
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