The MultiChoice Group and Canal+ have issued a joint statement informing stakeholders that it will not obtain merger control clearance from competition authorities by its original long stop date of 8 April 2025.
As a result, the companies have extended the deadline to 8 October 2025. The long stop date is the day by which all the conditions for implementing the merger must be fulfilled or waived.
“The process of obtaining merger control clearance from the South African competition authorities and the relevant regulatory processes are ongoing,” they said.
The companies agree that the extension provides ample time to fulfil the conditions of the transaction.
“Save for the extension of the long stop date, the terms of the offer remain unchanged,” they added.
Canal+ CEO Maxime Saada said the extension reflects the companies’ recognition of the work and positive progress achieved by all parties and stakeholders working towards securing the necessary clearances.
“The timing of this transaction is critical, and we will continue working tirelessly to ensure the finalisation of the transaction within this timeframe and that it retains its intended value and impact for all stakeholders,” he added.
MultiChoice Group CEO Calvo Mawela echoed Saada’s statement.
“The teams continue to progress on this transaction,” he 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.”
For the transaction to proceed, the companies must secure approvals from various entities, including the Financial Surveillance Department, the JSE, the Takeover Regulation Panel, the Competition Tribunal, and South Africa’s communications regulator.
The latest announcement comes after French media giant Canal+ offered to acquire MultiChoice in February 2024, triggering South Africa’s mandatory offer threshold of 35% ownership.
The French company had gradually bought up MultiChoice stock on the open market since October 2020 before hitting the threshold.
It ultimately offered MultiChoice US$6.77 per share, valuing the South African pay-TV giant at over US$2,9 billion.
Canal+ will spend more than US$1,6 billion in cash on the transaction, and it has continued buying MultiChoice shares while the offer is being considered.
The Takeover Regulation Panel last reported in May 2024 that Canal+’s shareholding stood at 45.2%.
