JOHANNESBURG - South Africa’s Competition Tribunal has approved Canal+ SA’s (LSE:CAN) mandatory takeover offer for  MultiChoice  (JO:MCGJ) Group, clearing a significant regulatory hurdle for the ZAR125.00 per share cash transaction.

The approval, announced Wednesday, comes with conditions including implementation of a previously disclosed structure that maintains compliance with South African broadcasting ownership laws. The deal received a positive recommendation from South Africa’s Competition Commission in May.

The agreed conditions include commitments to support firms controlled by Historically Disadvantaged Persons and Small, Micro and Medium Enterprises in South Africa’s audio-visual industry. The companies have also pledged to maintain funding for local South African entertainment and sports content.

"The approval by South Africa’s Competition Tribunal marks the final stage in the South African competition process and clears the way for us to conclude the transaction," said Maxime Saada, CEO of Canal+, in the press release.

As part of the transaction structure announced in February, MultiChoice (Pty) Ltd, which holds broadcasting licenses and contracts with South African subscribers, will be carved out to become an independent entity majority owned and controlled by Historically Disadvantaged Persons.

The companies expect to complete the transaction before the previously announced long-stop date of October 8, 2025.

Canal+ first announced its mandatory offer to acquire all MultiChoice shares it didn’t already own in June 2024. The transaction aims to combine the two media companies to create what the companies describe as "a true champion for Africa."

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