Canal+ in Listing on London Stock Exchange

Cleary Gottlieb advised Canal+ on its listing on the London Stock Exchange in connection with its spin-off from Vivendi.

The listing was one of the first under the Financial Conduct Authority’s new listing regime.

The transaction is part of the reorganization of Vivendi SE and the demerger of its various business lines, including Canal+, as announced on October 15, 2024. The demerger was completed by way of a partial transfer of assets under the demerger regime (apport partiel d’actifs soumis au régime des scissions), by Vivendi to Canal+ of all the shares it holds in Groupe Canal+ SA and Canal+ issued new shares directly to Vivendi SE’s shareholders, pro rata to their shareholding in Vivendi SE. On December 9, 2024, the extraordinary general meeting of Vivendi SE approved the partial demerger by an overwhelming majority of 97.57% of the votes.

The listing prospectus for the admission to trading on the London Stock Exchange was approved by the Financial Conduct Authority on October 30, 2024, and the trading of Canal+ shares began on December 16, 2024.

Canal+ is a global media and entertainment company, with a presence in 195 countries and approximately 9,000 employees worldwide. The group is one of the largest media companies in Europe, in terms of both revenues and subscribers, and is the leader in French-speaking Sub-Saharan Africa. As of December 31, 2023, the group had 26.8 million subscribers worldwide.

For more information, please see the press release.