Canal+ lists on Johannesburg Stock Exchange after MultiChoice deal
Canal+ began trading on the Johannesburg Stock Exchange as a secondary listing. The move fulfills a regulatory commitment from its acquisition of MultiChoice Group last year.
The JSE listing
Canal+ began trading on the Johannesburg Stock Exchange Wednesday, establishing a secondary listing on South Africa's primary stock exchange. The French media company is the first-ever corporation from France to list on the JSE, a move that provides local investors with access to the entity's shares.
The listing directly follows the company's acquisition last year of MultiChoice Group, the pan-African media and entertainment conglomerate. The move makes Canal+ a publicly traded entity in a key African market, expanding its financial footprint on the continent. This secondary listing allows Canal+ to maintain its primary listing elsewhere while offering shares directly through the JSE.
The regulatory context
The decision to list on the JSE was not a voluntary strategic choice but a step to satisfy a specific condition of a prior agreement. According to the announcement, the listing fulfills a "local regulatory commitment" that was a component of its acquisition of MultiChoice Group.
That acquisition of the pan-African operator was completed last year. While the statement does not elaborate on the specific nature of the regulatory body or the full scope of its requirements, the JSE listing was a required action for Canal+ to finalize the terms of that deal. With its shares now trading, the company has met that obligation.