French pay TV group Canal+ has finalised a deal to acquire the digital terrestrial channels Direct 8 and Direct Star owned by the Bolloré Group.
The technical details of the initial agreement have been slightly modified since it was first mooted, with Bolloré giving Canal+ two options for the full acquisition of its television business. It can either buy 60% of the business for 16.2 million shares in Canal Plus parent company Vivendi with an option to acquire the remainder within three years for €279 million or take 100% in one transaction in return for 22.4 million Vivendi shares.
Bolloré must retain the Vivendi shares for at least six months under either scenario.
The still needs approval from the French communications regulator the CSA and the national Competition Authority.