• French media group Canal+ and South Africa's MultiChoice have announced that all suspensive conditions for the public offer have been lifted.

• The $2 billion acquisition, which became unconditional on September 19, is now entering its final settlement phase.

• Canal+ held 46% of MultiChoice's capital as of that date, with additional acceptances bringing its stake closer to a full takeover.

French media group Canal+ and South Africa’s MultiChoice said on September 22 that their 35 billion rand ($2 billion) transaction has become unconditional. MultiChoice confirmed in a statement that all suspensive conditions tied to the offer have been lifted as of September 19, triggering the settlement process.

Canal+ held 46% of MultiChoice’s share capital at that date, excluding treasury stock, and secured an additional 2.2% through new acceptances.

MultiChoice said shareholders who tendered their shares will receive initial payments on October 1. The final closing of the offer is scheduled for October 10 at noon, with results published on the Johannesburg Stock Exchange on October 13. The last payments will be made on October 17.

The Takeover Regulation Panel must still issue a formal compliance certificate, which the company described as imminent.

Canal+ launched its bid in March 2024 to turn its minority stake into full control of MultiChoice. The Competition Commission approved the deal in May 2025, followed by conditional clearance from South Africa’s Competition Tribunal in July. Both companies had set October 8, 2025, as the deadline to complete the process, later pushed back from the initial April timeline.

The acquisition will consolidate Canal+, MultiChoice, and China’s StarTimes into a dominant bloc that already controls about 90% of Africa’s pay-TV market, according to Digital TV Research.

Questions remain over strategic adjustments and cost synergies, following MultiChoice’s sale of non-core assets such as its SuperSport United soccer club. The company continues to face subscriber erosion, having reported a loss of 3.7 million pay-TV customers between 2023 and 2025.

This article was initially published in French by Louis-Nino Kansoun

Adapted in English by Ange Jason Quenum