By Cristina Roca

Vivendi SA (VIV.FR) said Monday that its Canal+ Group business is acquiring Luxembourg's pay TV M7 for slightly over 1 billion euros ($1.12 billion).

The French media group said the proposed acquisition will allow its Canal+ business to expand to seven more countries. M7, which is owned by PE firm Astorg, is an aggregator and distributor of local and international TV channels, Vivendi said.

"The operation would allow CANAL+ Group to approach 20 million subscribers worldwide," said Maxime Saada, chairman of Canal+.

The acquisition is subject to the European Commission's approval, Vivendi said.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

May 27, 2019 13:14 ET (17:14 GMT)

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