CANAL+ lists on the JSE, strengthening the group’s dual-continental approach and reinforcing SA’s role as a gateway to global capital and African growth.
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France-based global media and entertainment company Canal+ became the first French company to list on the JSE’s Main Board on Wednesday as it sets its sights on further expansion onto the African continent.
The group’s secondary JSE listing follows a listing on the London Stock Exchange 18 months ago and also fulfils a commitment the French group made to list in Johannesburg as part of its acquisition of MultiChoice Group, the parent company of DSTV, last year.
The secondary JSE listing aligns with Canal+’s strategy to expand into high-growth markets, particularly in sub-Saharan Africa, where rising connectivity, a young and growing population - expected to increase by 800 million by 2050 - strong GDP growth - 4.5% growth expected between 2026 and 2030 - and accelerating demand for content and connectivity are driving sector growth.
The listing also signals strong international confidence in South Africa’s capital markets and reinforces the JSE’s role as a conduit between global capital and African growth opportunities, the JSE’s CEO, Valdene Reddy, said.
CANAL+ enhances the JSE’s sectoral diversity and provides local investors with direct, rand-denominated exposure to a globally diversified media and entertainment business with a significant African footprint, said Reddy.
“This is a milestone transaction 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," said Standard Bank Corporate and Investment Banking head of equity capital markets, Richard Stout.
The bank was a financial advisor and transaction sponsor to the listing.
Maxime Saada, CEO of CANAL+, said: “Joining the JSE is a statement of our ambition and illustrates our belief in Africa’s future and its creative industry… this dual listing reinforces our ambition to be a bridge between Europe and Africa and anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry.”
The JSE listing will increase CANAL+ liquidity and enable African investors to benefit from CANAL+ growth, said Saada.
CANAL+ serves more than 40 million subscribers and generates €9bn in annual revenue.
“Africa will be our growth engine for years to come, and we are dedicated to creating value on the continent and sharing it with our African partners, investors, and the creative community. By welcoming African investors, we deepen our roots, diversify our investor base, and lay the foundation for the next phase of our growth,” said Saada.
CANAL+ has operations in over 70 countries and approximately 15,000 employees. It offers a mix of local and global content on a platform purpose-built to ensure effortless discovery, which it makes available as widely as possible.
In Europe, CANAL+ has over 18 million subscribers across 12 countries, and it holds leading positions in many of these markets.
In Africa, where CANAL+ has operated for over 30 years, it now has 23 million subscribers across more than 40 African countries, and it offers content in over 50 languages.
“This dual listing reinforces our ambition to be a bridge between Europe and Africa and anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry,” said Saada.
Reddy said the listing was a milestone not only for the company but for the internationalisation of African capital markets. The listing also highlighted the impact of the JSE’s recent regulatory enhancements, including improvements to its fast-track secondary listing process, which enabled CANAL+ to efficiently complete its inward listing, while retaining its primary listing on the London Stock Exchange.
“As Africa’s largest stock exchange by market capitalisation, the JSE continues to leverage its robust regulatory framework, global connectivity, and market infrastructure to attract issuers of scale and support capital formation across the region,” said Reddy.
Following this listing, the total number of companies on the JSE stands at 263, with a combined market capitalisation exceeding R25.2 trillion.
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