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EC approves Canal+ Group's €1B deal to buy M7

The European Commission has approved Canal+ Group's acquisition of M7 Group SA for more than €1 billion, TVB Europe reported.

The transaction to acquire the Luxembourg-based satellite pay TV and free-to-air operator from Astorg Partners is expected to close in the coming days.

The M7 acquisition is anticipated to add more than €400 million in revenue and bring increased profit for Canal+ and its parent company Vivendi SA. M7's 3 million subscriber base consists of 2.1 million pay TV customers, with 800,000 paying a basic service fee at a much lower average revenue per user.