CANAL+ wants to absorb Multichoice in order to become the first pay broadcaster in Africa. The two entities have just informed investors of a new step in the process.
One more step in the process
On 30 September, CANAL+ and Multichoice filed a joint merger control application with the European Commission regarding the takeover bid. The South African authority has also been notified, as well as the other regulatory authorities.
The project is seen as a "major merger" and in this case it requires the approval of the competition authority. The commission will have to examine the file and it will transmit its recommendations.
Both companies will also continue to provide shareholders with updates on this matter. The terms and conditions previously discussed in the joint circular issued last June remain in effect and have not changed.
The project is still moving forward and must therefore receive several more approvals in order to continue. It should therefore take several weeks before the merger is effective and CANAL+ takes full control of Multichoice.
At the end of the transaction, the CANAL+ Group will gain more than 20 million additional subscribers, which will bring it closer to 50 million customers worldwide.
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