Standard Bank has advised CANAL+ on its secondary listing on the Johannesburg Stock Exchange, allowing the media group’s shares to trade in South Africa while remaining part of a single pool with its primary listing in London.
No new shares, but broader access
The transaction did not involve issuing additional shares.
Instead, it created a secondary inward listing, meaning CANAL+ shares now trade on both the JSE and the London Stock Exchange without diluting existing stock. The move is expected to improve liquidity and attract more investors over time.
Richard Stout, Head of Equity Capital Markets for South Africa and Sub‑Saharan Africa at Standard Bank, called the listing a milestone for the JSE and South Africa’s broader equity markets. He said it brings a globally recognized media business to local investors and signals international confidence in the exchange’s depth and relevance.
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“This transaction also shows Standard Bank’s advisory capabilities in African capital markets,” Stout said. “We are proud to have supported CANAL+ on a deal that reinforces our position as a leading advisor on complex equity transactions across the continent.”
A strategic play for Africa
CANAL+ operates in over 70 countries and serves more than 42 million subscribers worldwide. Africa has become a key growth market for the company, driven by investments in local content, distribution networks, and digital platforms. The secondary listing aligns with its acquisition of MultiChoice, further embedding its presence in the region.
The JSE gains a major global media player, strengthening Johannesburg’s role as a hub for international companies seeking access to African capital. For domestic investors, it expands the range of investable assets, particularly in a sector where local options have been limited.
Maxime Saada, CEO of CANAL+, said the listing marks the first time a French company has listed in Johannesburg. It also makes CANAL+ the only global media and entertainment group on the JSE. “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,” he said.
The decision reflects a practical reality: African markets are growing, but liquidity and investor diversity remain uneven. A secondary listing doesn’t solve those challenges overnight, but it creates a low‑friction way for local investors to participate in a company with deep regional ties—without forcing CANAL+ to manage the complexities of a full primary listing in South Africa.
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Standard Bank’s role in cross‑border deals
The transaction also highlights Standard Bank’s role in facilitating cross‑border equity deals between international issuers and African exchanges. The bank acted as joint financial adviser and transaction sponsor, coordinating the listing process and ensuring compliance with JSE requirements.
For CANAL+, the move is less about raising capital and more about visibility and long‑term positioning. Saada said the listing “anchors our dual‑continental approach,” consolidating the company’s footprint in both Europe and Africa. It also sends a signal to other global media firms that the JSE can serve as a viable secondary market for companies with African ambitions.
The listing comes at a time when African media consumption is shifting. Rising internet penetration, demand for premium content, and a young, digital‑savvy population are creating new opportunities. CANAL+ has been expanding its local production and streaming services, betting that these trends will continue to accelerate.
Whether the listing delivers on its promise of improved liquidity remains to be seen. For now, it’s a rare example of a European company choosing Johannesburg as a secondary home—and a test case for how well African exchanges can integrate global players into their markets.
