Vivendi plans to float its French TV business Canal+ in London, providing a shot in the arm for the capital’s stock exchange after a number of high-profile companies opted for rival international financial centres such as New York.

The move is part of a drive to break up the media conglomerate controlled by the billionaire Vincent Bolloré to realise value from its different operations.

Vivendi said the decision to list in London reflected the increasingly international operation of Canal+, which is in the process of a $2.9bn (£2.2bn) takeover of Africa’s largest pay-TV operator, Multichoice.

“With close to two-thirds of its subscribers outside of France, a film and TV series distribution network present on all continents, and growth drivers resulting from its recent developments on the African, European and Asia-Pacific markets, a London-based listing would represent an attractive solution for international investors likely to be interested in the group,” Vivendi said.

Vivendi’s plan will be a welcome one after a series of setbacks for the London Stock Exchange in recent years.

The most high-profile company to snub the capital was theCambridge-based chip designer Arm, one of the UK’s few bona fide global tech success stories, which chose to float on the Nasdaq in New York last year in one of the biggest initial public offerings in recent years.

In February, Tui, Europe’s biggest package holiday operator, moved its stock exchange listing from the FTSE 250 to Frankfurt.

The building materials group CRH, one of the biggest companies on the FTSE 100, moved its primary listing to the US, following the UK-based plumbing equipment supplier Ferguson.

However, London’s status as a global financial centre is set to receive a major fillip as the Chinese fast fashion retailer Shein reportedly prepares for a £52bn initial public offering in what would be the UK’s biggest ever stock market flotation.

The Canal+ announcement came in a statement updating the market on Vivendi’s plans to disaggregate its conglomerate structure, which the company said had substantially reduced its valuation.

Vivendi began the break-up process in 2021 with the €40bn flotation of Universal Music Group, the world’s biggest music company that is home to artists including Taylor Swift, in Amsterdam. That business is valued at €51bn (£43bn) and its share price has risen almost 30% over the past 12 months.

Paris-listed Vivendi also said on Monday its advertising and media-buying business Havas would be listed in Amsterdam. A third business, the publishing arm newly renamed as Louis Hachette Group, would be listed on Euronext in Paris.

Canal+ is expected to have a secondary listing in Johannesburg, where Multichoice is based.

Vivendi said the three companies to be listed as part of the break-up would keep their operational teams and decision-making in France.

Last year, Canal+ promised a total of $300m to buy a minority stake in Viu, a Hong Kong-based streaming service that has more than 66 million monthly users and 12 million paying subscribers.

The staggered deal, which has an option for Canal+ to take 51% control, will allow the French broadcaster to tap into a vast audience across Asia, the Middle East and South Africa.

Canal+ and the Czech investment firm PPF each took a 29.3% stake in the ailing Nordic challenger Viaplay as part of a forced recapitalisation of the business.