Canal+ Plans $3 Billion South Africa Secondary Listing After MultiChoice Deal

Canal+ is moving ahead with its plans for a secondary inward listing on South Africa’s bourse as the French group takes full control of the MultiChoice Group Ltd.

As part of the process, Canal+ will first delist MultiChoice from the Johannesburg Stock Exchange, said the company in a statement on Monday.

It will then start a secondary inward listing of Canal+ by introduction, giving South African investors access to the larger pay-TV and streaming business.

Formed in South Africa in 1985, MultiChoice expanded across the continent in the early 1990s with packages including live English football matches and local shows.

The company was spun off from Naspers Ltd. in 2019 and offers the French broadcaster access to additional markets including South Africa.

Canal+’s transaction values MultiChoice at about $3 billion.

In December last year, Vivendi SE listed Canal+ in London to assist business with its plans to further expand. The combined operation will create a group with almost 40 million subscribers and the resources to invest more in local content and sports.

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