CANAL+ expands investor reach with JSE listing

Standard Bank has played a key advisory role in CANAL+’s successful secondary inward listing on the Johannesburg Stock Exchange (JSE), a transaction that provides South African investors with direct access to one of the world’s leading media and entertainment companies

Acting as joint financial advisor and transaction sponsor, Standard Bank supported CANAL+ throughout the listing process, contributing its expertise in capital markets, regulatory requirements and transaction execution. The deal highlights the bank’s ability to facilitate cross-border equity market transactions and connect international companies with African investment opportunities.

The secondary inward listing enables investors on the JSE to trade shares in CANAL+, which maintains its primary listing on the London Stock Exchange (LSE). The arrangement preserves a single, fully fungible share pool across both exchanges. While the transaction did not involve the issuance of new shares, it is expected to improve the liquidity and tradability of CANAL+ stock over time while expanding the company’s investor base.

The listing represents an important development for South Africa’s capital markets. By bringing an internationally recognised media and entertainment company to the JSE, the transaction contributes to the exchange’s ongoing diversification efforts and strengthens Johannesburg’s position as a gateway for global businesses seeking access to African capital.

The move also follows CANAL+’s combination with MultiChoice, further strengthening the company’s presence across the African continent and aligning its market operations with its long-term regional growth objectives.

CANAL+ currently serves more than 42 million subscribers across over 70 countries. The company has established a significant presence in both Europe and Africa, with the African market playing a central role in its future growth plans. Its strategy is supported by long-standing operations on the continent, investments in locally produced content and continued expansion of its distribution capabilities.

By securing a secondary listing on the JSE, CANAL+ is expected to strengthen its engagement with South African investors while increasing its visibility within one of Africa’s most developed financial markets.

“This is a milestone transaction for the JSE and for South Africa’s equity capital markets more broadly. The listing brings a globally recognised media and entertainment business to the local market, expands the investable universe for domestic investors and reflects continued international confidence in the depth, sophistication and relevance of our exchange. We are proud to have supported CANAL+ on a transaction that also reinforces Standard Bank’s position as a leading advisor on complex equity capital markets transactions across Africa,” said Richard Stout, Head of Equity Capital Markets, South Africa and Sub-Saharan Africa at Standard Bank Corporate and Investment Banking.

“We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange. Following our listing on the London Stock Exchange 18 months ago, this dual listing reinforces our ambition to be a bridge between Europe and Africa. This milestone anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry,” remarked Maxime Saada, Chief Executive Officer of CANAL+.

The listing comes at a time when demand for premium and locally relevant content continues to grow across Africa. Increasing digital connectivity and a rapidly expanding consumer base are creating new opportunities for media and entertainment companies operating on the continent.

For CANAL+, Africa remains a key growth market, supported by its content portfolio, technology investments and established operational footprint. The JSE listing further strengthens its relationship with regional capital markets and investors.

The transaction also underscores Standard Bank’s role in supporting international companies pursuing strategic opportunities in Africa, while contributing to the development and expansion of the continent’s capital markets ecosystem.