Surprise win for JSE: First French company lists
Standard Bank has acted as joint financial advisor and transaction sponsor to Canal+ on its successful secondary inward listing on the Johannesburg Stock Exchange (JSE), marking a significant milestone for South Africa’s capital markets.
Source: Supplied/Benjamin Decoin. Maxime Saada, chief executive officer of Canal+.
The listing brings one of the world’s leading media and entertainment groups to Africa’s premier exchange, giving local investors direct access to a global content platform. It also strengthens Johannesburg’s position as a gateway for international companies seeking access to African capital while broadening investment opportunities on the JSE.
Standard Bank brings together deep local market knowledge, execution expertise and regulatory insight as part of the advisor group supporting Canal+ through the JSE listing process. The transaction reflects Standard Bank’s ability to connect global issuers with African pools of capital and to execute complex, high-profile cross-border equity capital markets transactions.
The inward secondary listing gives South African investors direct access to Canal+, a global media and entertainment company with a primary listing on the London Stock Exchange (LSE), while preserving a single, fully fungible pool of shares across the JSE and LSE.
While no new shares were offered or issued, the listing is expected to enhance the long-term liquidity and tradability of Canal+ shares and broaden the company’s shareholder base.
The listing is significant for both the JSE and South African capital markets more broadly. It introduces one of the world’s recognised media and content groups to the local market, supports the continued diversification and internationalisation of the exchange, and reinforces Johannesburg’s role as a gateway through which global businesses can access African capital.
It also follows Canal+’s combination with MultiChoice, further embedding the group in the African market and aligning its operational and capital markets presence with its long-term ambitions on the continent.
Dual-continental strategy
Canal+ today operates in more than 70 countries and serves over 42 million subscribers globally, with a strong footprint across both Europe and Africa. Its African operations are central to the group’s long-term growth strategy, supported by decades of experience on the continent, investment in local content and distribution, and a broader ambition to build a leading entertainment platform across Africa and Europe.
The JSE listing complements these ambitions by deepening the group’s connection to South African investors and the region’s 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.
Source: Supplied. Richard Stout, head of equity capital markets, South Africa and sub-Saharan Africa at Standard Bank Corporate and Investment Banking.
"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,” says 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,” says Maxime Saada, chief executive officer of Canal+.
Africa's digital future
With increasing demand for premium and local content, rising connectivity and a rapidly evolving digital consumer base, Africa remains a compelling long-term opportunity for global media businesses.
Canal+’s growth ambitions on the continent are underpinned by its scale, content capabilities, technology investment and established operating footprint, while the listing supports a deeper and more visible connection with South African capital markets.
The transaction further demonstrates Standard Bank’s ability to partner with leading international corporates on strategic transactions that deepen African markets, enhance investor access and support the continued development of the continent’s capital markets ecosystem.