May 27, 2019 / 4:24 PM / 2 months ago

Vivendi's Canal Plus to buy M7 for 1 billion euros to expand its European reach

FILE PHOTO: The logo of French television channel Canal+ is seen on the Croisette. REUTERS/Eric Gaillard

PARIS (Reuters) - Vivendi’s pay-TV group Canal Plus said on Monday it would buy European rival M7 for about 1 billion euros ($1.12 billion) from private equity firm Astorg.

The acquisition would expand Canal Plus’ presence on the continent to the Netherlands, Belgium, the Czech Republic, Slovakia, Austria, Hungary and Romania, it said in a statement.

M7’s annual revenues amount to 400 million euros. Its acquisition would bring Canal Plus’ total number of subscribers closer to 20 million, it said.

Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Geert De Clercq

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