The French broadcaster M6 Group said it would sell its stake in pay-TV channel Canal+ France to Vivendi for €384.2 million. The transaction is expected to close on February 22.
After the deal, Vivendi will own 80% of the Canal+ business. Last November, it acquired the 9.9% stake from French broadcaster TF1. The media group Lagardere is the other remaining minority shareholder with a 20% stake.
Last year, Lagardere already expressed its willingness to sell its interest in the French pay-TV channel, if the price is right.