Canal+ and MultiChoice have been told that the South African Competition Commission has recommended that the South African Competition approve the transaction between the companies.
The commission has conditions to the transition relating to public interest considerations. These include a package of funding commitments for the production of local South African general entertainment and sport content, through local content creators.
The Proposed Transaction will now be considered by the Tribunal.
Maxime Saada, CEO of Canal+ said: “We welcome today’s recommendation from South Africa’s Competition Commission. This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart. We are committed to investing in local content and supporting South Africa’s creative and sports ecosystems. We strongly believe that this transaction is positive for South Africa, providing consumers with greater choice and Africa with a true entertainment champion. We look forward to the transaction being concluded in the near future.”
Calvo Mawela, CEO of MultiChoice Group added: “The recommendation from the Competition Commission is a key step forward towards the completion of the transaction and a recognition of the strong package of public interest commitments provided by the parties. We look forward to closing the transaction, not only for the benefit of shareholders, but also for the viewing public and the multiple industries tha depend on MultiChoice. We will continue to cooperate with all regulatory authorities towards a timely conclusion of this important process.’
In February 2024, Canal tabled a €2.5 billion bid for Multichoice and its DStv and Supersport brands.
