SOCOFE, the investment fund controlled by Walloon municipalities, has decided to excercise warrants that allow it to retain its equity level in BeTV, the former Canal+ Belgium, at 16.9%.
The decision follows one by DEFICOM, announced three weeks ago, to exercise its warrants and invest €10 million to extend its participation in BeTV from 15% to 33%. Prior to the capital enlargement, the Walloon pay-TV operator’s equity was valued at €33 million. The stake held by ACM – Applications Câble Multimédia, which is 15% owned by SOCOFE, has been reduced from 68.1% to 50.1%.
The company was founded to acquire the French-language assets of Canal+ Belgium and established BeTV in 2003. It also distributes video, data and voice to the various Walloon cable operators, which have large stakes in ACM.
“By exercising her warrants, SOCOFE confirms her position that the triple play project, that is to be developed in Wallonia and Brussels, should be the starting point in a conciliation between VOO (the consolidating cable company) and BeTV. SOCOFE wishes to play an active and constructive role in the search for the optimal coherence between these two players”, the investment fund said in a statement.