Canal+ has strong JSE debut

Canal+ rose in its debut on the Johannesburg Stock Exchange, with the secondary listing of the French media giant marking the completion of its multibillion-dollar acquisition of African pay-TV giant MultiChoice. 

The stock climbed to R58.80 by 13:00, higher than the reference price based on the firm’s London-listed shares.

Canal+ is valued at £2.5 billion (R57.7 billion) and is the first French company to trade on the main board of South Africa’s bourse. 

With a rand-based market value of R57.7 billion, Canal+ will have about the same market capitalisation as financial-services firm Old Mutual. 

“Africa will be our growth engine for years to come,” Chief Executive Officer Maxime Saada said in a statement.

The firm was the largest of three companies spun out of the parent business, French billionaire Vincent Bolloré’s Vivendi SE, and involved a subsequent primary listing on the London Stock Exchange in December 2024. 

Canal+ took effective control of MultiChoice in September last year, with the African pay-TV company ceasing its Johannesburg listing in December.

The secondary listing provides South African investors with exposure to the expanded global media entity. For the French firm, the move enables access to additional investors and liquidity in Africa’s deepest capital market. 

The combined media entity will take on large US entertainment giants such as Netflix Inc. and Walt Disney Co. on the continent.

By pooling content budgets, Canal+ plans to leverage MultiChoice’s sports rights, including SuperSport’s English Premier League coverage, and local production capabilities to expand its offering in the region and reverse recent subscriber declines. 

The listing is the second in Johannesburg this year, with Toronto-based Aimia joining the JSE’s main board in February. 

Last year, the JSE raised the most funds from IPOs since 2017, with mobile-network operator Cell C and AI-powered fintech firm Optasia Group joining the bourse in November.