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Vivendi increases stake in Canal+ France for $1.1 billion

Posted on: Thu, 26 Nov 2009 13:26:00 EST

Symbols: VIVDY, CNPLF, CNPLY, MSXTF

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Nov 26, 2009 (Datamonitor via COMTEX) --
VIVDY | Quote | Chart | News | PowerRating -- French communications and entertainment group Vivendi has increased its stake in pay TV business Canal Plus France after it agreed to acquire French broadcaster Television Francaise 1's (TF1) 9.9% stake in the business for E744m ($1.12 billion).

Canal Plus France is a unit of Vivendi's pay TV division Canal Plus Group. The company has made a similar offer to M6-Metropole Television to buy its 5.1% stake in the pay TV business.

The company said the acquisition, expected to be completed by the end of the year, will increase its stake in Canal Plus France to 75%. Another 20% in the business is held by French media group Lagardere.

The company said: "The impact of this transaction, which was originally planned for the first quarter of 2010, has already been taken into account, for an identical amount, in Vivendi's debt in respect of TF1's put option held by TF1 since January 2007."

Earlier this month, Brazil's telecoms agency Anatel approved the takeover of Brazilian internet and telecoms company GVT by Vivendi or Telefonica. Vivendi successfully acquired the business for E2.8 billion ($4.2 billion).

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