By Jannes van der Merwe

Since the election of the Council for the Economic Community of West African States’ (“ECOWAS”) competition authority, the ECOWAS Regional Competition Authority (“ERCA”) on 1 October 2024, the ERCA has taken significant strides in bolstering the region’s M&A presence.

The council of the ERCA approved its first merger with conditions on 8 August 2025 when the council approved the acquisition of MultiChoice Group Limited by the Canal+ Group SAS. This decision follows a detailed assessment carried out under the ECOWAS Community Competition Rules and the regulatory framework governing mergers and acquisitions within the common market. The transaction was formally notified to the Authority on 24 March 2025 and was declared complete on 2 May 2025 after all procedural requirements and conditions were satisfied.

The operation involves Canal+ increasing its shareholding in MultiChoice from an existing minority position of c.45.2%, to full control. Both companies are competitors in the distribution of audiovisual services in the ECOWAS region.

The Authority examined the structure of the regional audiovisual market which includes wholesale content supply and retail audiovisual services delivered through satellite digital terrestrial television and online streaming. Although the market is highly concentrated and characterized by strong players the analysis showed limited overlap between the parties due to linguistic segmentation. While the combined entity would hold a significant share at the community level the merger was not expected to substantially reduce competition within national markets. The presence of alternative providers including regional and global digital platforms also contributes to ongoing competitive pressure.

The Council of the ERCA acknowledged concerns expressed by stakeholders and consumers regarding potential risks of market dominance price increases and reduced content diversity. As a result, the acquisition was approved subject to conditions. The first of its kind in the common market.

The Council of the ERCA imposed the following conditions on Canal+:

1. Canal+ is required to maintain a diverse range of audiovisual offerings for French and English speaking audiences;
2. Canal+ to preserve existing distribution networks; and
3. Comply strictly with competition rules and to also annually report to the Authority and notify any price changes to enable effective monitoring.

Michael-James Currie, director at Primerio, states: “This conditional merger is evidentiary that the ERCA intends to strike a balance between promoting investment into the region, while also considering the effects on the market and consumers.”