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MultiChoice is lining up local investors to meet South African regulations and push forward Canal+’s proposed ~R55 billion takeover. To respect limits on foreign ownership (max 20% voting rights), it's carving out its licensing unit, LicenceCo, which will be majority-controlled by historically disadvantaged South African stakeholders. Among those invited are Sipho Maseko’s Afrifund Investments and Sonja de Bruyn’s Identity Partners, both expected to hold over 50% economic interest in the new structure.
Canal+ currently owns over 45% of MultiChoice shares and has pledged to scale back voting power in LicenceCo to comply with the Electronic Communications Act. The deal received conditional approval from South Africa’s Competition Commission and Tribunal, contingent on these local equity structures and a R26 billion public-interest commitment supporting local content and small businesses .
With regulators approving and the plan to meet ownership rules underway, odds are now strong that the takeover will close by the revised October 8, 2025 deadline. However, successful completion hinges on finalizing shareholder agreements, implementing LicenceCo, and retaining major local partners.