Standard Bank has advised on the secondary inward listing of CANAL+ on the Johannesburg Stock Exchange, facilitating a dual listing that allows the company’s shares to trade on both the JSE and the London Stock Exchange.
A single pool of shares
The listing maintains a single, fully fungible pool of shares, meaning no new stock was issued during the process. Standard Bank served as Joint Financial Adviser and Transaction Sponsor for the deal, which allows CANAL+ to maintain its primary listing on the London market while gaining access to Johannesburg investors.
The transaction follows CANAL+’s acquisition of MultiChoice and aligns the group’s capital markets presence with its operational footprint across the continent. Standard Bank described the deal as a milestone for South Africa’s equity capital markets.
“This is a milestone transaction for the JSE and for South Africa’s equity capital markets more broadly,” said Richard Stout, Head of Equity Capital Markets, South Africa and Sub-Saharan Africa at Standard Bank Corporate and Investment Banking. “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.”
Stout added that the transaction highlights Standard Bank’s advisory capabilities in African capital markets.
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For CANAL+, the move is a strategic step in a broader global expansion. The group operates in more than 70 countries and serves over 42 million subscribers. Africa has been identified as a key growth market, driven by investments in local content, distribution networks, and digital platforms.
Standard Bank has arranged several cross-border equity capital markets transactions in the region, positioning itself as a key intermediary between international issuers and African exchanges. This specific deal marks a significant entry point for the French group, which stated it is the first French company to list on the JSE.
“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,” said Maxime Saada, Chief Executive Officer of CANAL+. “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.”
With growing connectivity, rising demand for premium and local content, and an expanding digital consumer base, the company views Africa as a critical region for long-term growth. The listing strengthens the group’s dual-continental approach, anchoring its position in the global media and entertainment industry.
