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