Vivendi to list French TV arm in London

22nd Jul 2024 09:39

(Sharecast News) - Vivendi is to list its French TV business Canal+ on the London Stock Exchange, the European media conglomerate confirmed on Monday.

Paris-listed Vivendi, which is controlled by billionaire Vincent Bollore, said the decision reflected the increasingly international nature of the business.

Earlier this year, Canal+ agreed to buy MultiChoice, Africa's largest pay-television operator, in a $2.9bn deal.

"A London-based listing would represent an attractive solution for international investors likely to be interested in the group," Vivendi noted.

Advertising agency Havas, meanwhile, will be listed on Euronext Amsterdam. "Havas would be in the best possible position to carry out its new global strategy, continue its solid growth as well as its strong commercial and creative momentum, and stabilise its share capital," Vivendi said.

A newly-named Louis Hachette Group will then combine Vivendi's publishing and distribution assets, including Prism Media and its 63.5% stake in Lagardere. It would retain Vivendi's Paris listing.

Vivendi first announced plans to break itself up in December. It noted on Monday that it has "endured a significantly high conglomerate discount, substantially reducing its valuation" and limiting growth opportunities.

Once the break up is complete, the Bollore group will hold around 30.6% of the share capital and voting rights of Canal+ and Louis Hachette Group.

It will hold the same size stake in Havas, but with 40% of the voting rights.

As at 1045 BST, shares in Vivendi were up 2%.