Standard Bank has reinforced its position as a leading advisor in Africa’s capital markets landscape after acting as joint financial advisor and transaction sponsor to CANAL+ on its successful secondary inward listing on the Johannesburg Stock Exchange (JSE).
The landmark transaction marks a significant milestone for South Africa’s financial markets, bringing a globally recognised media and entertainment company to Africa’s largest stock exchange while providing local investors with direct access to one of the world’s leading international content platforms.
Standard Bank played a pivotal role in facilitating the transaction, leveraging its extensive local market expertise, regulatory knowledge and execution capabilities as part of the advisory team guiding CANAL+ through the JSE listing process. The deal underscores the bank’s ability to connect international issuers with African capital pools and execute complex cross-border equity capital markets transactions.
The inward secondary listing allows South African investors to invest directly in CANAL+, which maintains its primary listing on the London Stock Exchange (LSE). Importantly, the transaction preserves a single, fully fungible pool of shares across both the JSE and LSE. While no new shares were issued or offered as part of the listing, the move is expected to improve the long-term liquidity and tradability of CANAL+ shares while broadening the company’s shareholder base.
Beyond its implications for investors, the listing represents a significant development for the JSE and the country’s capital markets ecosystem. It introduces one of the world’s established media and entertainment groups to the South African market, contributes to the diversification and internationalisation of the exchange, and reinforces Johannesburg’s position as a gateway through which global businesses can access African investment opportunities.
The listing also follows CANAL+’s combination with MultiChoice, further strengthening the group’s presence on the continent and aligning its capital markets strategy with its long-term ambitions in Africa.
Operating in more than 70 countries and serving over 42 million subscribers globally, CANAL+ has established a substantial footprint across Europe and Africa. The company’s African operations remain central to its growth strategy, supported by decades of experience on the continent, continued investment in local content and distribution networks, and a vision to build a leading entertainment platform spanning both Africa and Europe.
Richard Stout, Head of Equity Capital Markets for South Africa and Sub-Saharan Africa at Standard Bank Corporate and Investment Banking, described the transaction as a defining moment for local markets.
Head of Equity Capital Markets for South Africa and Sub-Saharan Africa at Standard Bank Corporate and Investment Banking, Richard Stout. Photo supplied.
“This is a milestone transaction for the JSE and for South Africa’s equity capital markets more broadly,” said Stout. “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.”
“We are proud to have supported CANAL+ on a transaction that also reinforces Standard Bank’s position as a leading advisor on complex equity capital markets transactions across Africa,” he added.
For CANAL+, the dual listing signals a strategic commitment to strengthening ties between Europe and Africa while enhancing its presence in markets where it sees long-term growth potential.
“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. This milestone anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry.”
Africa’s rapidly evolving digital landscape continues to present compelling opportunities for global media businesses. Rising demand for premium and locally produced content, increasing internet connectivity and changing consumer preferences are reshaping the entertainment sector across the continent.
Against this backdrop, CANAL+’s growth ambitions in Africa are supported by its scale, technological capabilities, content expertise and established operational footprint. The JSE listing is expected to further strengthen the company’s relationship with South African investors and provide greater visibility within the region’s financial markets.
The transaction also highlights the increasingly important role that African financial institutions are playing in facilitating international investment and supporting the development of sophisticated capital markets across the continent.
For Standard Bank, the successful completion of the CANAL+ listing demonstrates its continued ability to partner with leading global corporations on strategic transactions that deepen African markets, broaden investor access and contribute to the long-term growth and resilience of the continent’s financial ecosystem.
As international companies continue to seek opportunities in Africa’s expanding markets, transactions such as the CANAL+ JSE listing reinforce South Africa’s standing as a key financial hub and showcase the role of collaboration in unlocking new avenues for investment and economic growth.