French media giant Canal+ has received final regulatory approval to acquire MultiChoice Group, the South African pay-TV operator behind DStv and GOtv.

The deal is valued at 55 billion rand (about $3 billion), the companies announced on Wednesday, July 23.

French media giant Canal+ has received final regulatory approval to acquire MultiChoice Group, the South African pay-TV operator behind DStv and GOtv. The deal is valued at 55 billion rand (about $3 billion), the companies announced on Wednesday, July 23.

Reuters reports that the deal is transformative for Canal+ as part of its expansion in Africa, particularly in English-speaking regions, while for MultiChoice, it will provide much-needed capital to support its local content and innovation.

Maxime Saada, CEO of CANAL+ said in a statement: "The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies."

“I’m excited about the potential this transaction unlocks for all stakeholders."

TV giants struck a deal after long negotiations Canal+, which currently operates in 25 African countries through 16 subsidiaries and serves eight million subscribers, said the acquisition will accelerate its ambition to grow to 50–100 million subscribers over the next few years, from 27 million currently.

MultiChoice, Africa’s largest pay-TV operator with 14.5 million subscribers across 50 sub-Saharan countries, includes premium content brands like SuperSport and the DStv satellite service.

The merger will combine Canal+’s French-language content with MultiChoice’s English and Portuguese offerings, creating what Saada described as “a true champion for Africa.”

The mandatory share offer of 125 rand per share values MultiChoice at roughly $3 billion (2.6 billion euros). Canal+, recently spun off from Vivendi, first made the offer in 2023.

The approval came with several public-interest conditions worth about 26 billion rand over three years and keeping MultiChoice’s headquarters in South Africa, Punch reports.

These include maintaining MultiChoice’s headquarters in South Africa and continued support for local content production. The companies said in a joint statement.

"The package will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success."