France-based CANAL+ Group, a unit of Vivendi SA, has agreed to acquire pay-television operator M7 Group SA for slightly more than €1 billion, Bloomberg News reported.

LuxembourgThe deal is subject to regulatory approval.

Vivendi said the acquisition of M7 Group will add more than €400 million in revenue and increase profit for both the company and Canal+, the news outlet noted, citing a company statement.

Luxembourg-based M7 Group provides language-specific packages to subscribers in the Netherlands, Belgium, Germany, Austria, Czech Republic and Slovakia. The company is owned by Astorg Partners, a private equity firm specializing in leveraged build-ups in mature middle-market companies.