Elite US firms played a key role as French broadcaster Canal+ made its debut on the London Stock Exchange, becoming one of the first companies to list under the FCA’s new rules.
On 16 December, Canal+ officially listed on the LSE with a reported market value of around £2.5bn, with support from cross-border teams at leading US law firms.
Cleary Gottlieb advised Canal+ with a team including Legal 500 leading individual for premium M&A deals Nick Rumsby and capital markets partner Chrishan Raja, both in London, alongside M&A partner Marie-Laurence Tibi and capital markets partner John Brinitzer in Paris.
White & Case advised Barclays and BNP Paribas as joint sponsors and lead financial advisers on the listing. Legal 500 equity capital markets Hall of Famer Jonathan Parry in London led the team alongside Paris capital markets group head and France equity capital markets Hall of Famer Thomas Le Vert, with capital markets partner Max Turner and M&A partner Alexandre Ippolito also advising from Paris.
Earlier this month, French mass-media holding company Vivendi Group announced that it had approved the spinoff of several business lines, including Canal+. The plan, first proposed in October, received overwhelming shareholder approval on 9 December, with 97.6% voting in favour.
Vivendi chairman Yannick Bolloré said in a statement: ‘We are delighted with the very high adoption rate of our spin-off project. This undisputable result confirms the strong support of our shareholders for this transformative transaction.’
The UK listing comes after the Financial Conduct Authority (FCA) rolled out its listing rules reforms in the summer, in a move that aimed to reinvigorate the UK’s ailing capital markets.
While many capital markets partners expressed to Legal Business their support for these changes, some warned that the relaxed regulations could raise risks for investors. The true impact will depend on how the market adapts over time. The Canal+ IPO, however, may provide a much-needed boost to the London Stock Exchange.
