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Canal+ pursues secondary listing in Johannesburg after MultiChoice deal

13th October 2025

By: Reuters

  

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French broadcasting group Canal+ said on Monday it was planning a secondary listing on the JSE after it acquired South African broadcaster MultiChoice.

Canal+ closed the R35-billion MultiChoice acquisition in September, adding MultiChoice's extensive African subscriber base to its portfolio, with the combined entity serving more than 40-million subscribers across nearly 70 countries.

Dual and secondary listings have gained momentum in recent years, as companies seek to broaden their investor bases and increase valuations amid global competition. The LSE, where Canal+ will keep its primary listing, offers a "Secondary Listing" category with light-touch regulation, designed for overseas companies or UK firms adding a foreign listing.

A secondary listing will preserve South African investor access and market liquidity, Canal+ said in a statement. The company will delist MultiChoice's shares from the JSE and then carry out the secondary listing of Canal's shares, subject to regulatory approvals.

Canal+, which was spun-off from Vivendi and listed in London last December, is aiming to become a global content platform with Asia and Africa as priority markets.

The group said the integration of MultiChoice had started and that it would tell the market its detailed plans in the first quarter of 2026.

Edited by Reuters

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