Canal+ Gets Approval On Acquisition Of Multichoice

French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal.

The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.

Under the terms of the deal, Canal+ has made a mandatory cash offer of ZAR 125 ($7.11) per share to acquire all outstanding ordinary shares of MultiChoice not already owned by the French media group.

Canal+ and MultiChoice are now set to implement a structural arrangement, unveiled in February, which addresses local ownership regulations under South Africa’s Electronic Communications Act.

The plan includes the separation of MultiChoice’s South African broadcasting licensee, MultiChoice into an independent, HDP-majority-owned entity.

The companies expect to complete the transaction before the so-called long-stop date of Oct, 8, following a deadline extension announced earlier this year.