Vivendi : Acquisition of European pay-TV group M7 for € 1,000m
>Acquisition in Europe for Canal+ - Yesterday, Vivendi announced the acquisition of Luxembourg pay-TV group M7 for € 1,000m from investment fund Astorg. This fund had acquired it in 2014 from investment fund Providence which had owned it since 2007. We estimate a multiple of 8.3x EBITDA, i.e. a shade lower than the multiple indicated by our DCF valuation of Groupe Canal+ (€ 6.7bn, i.e. 10x EBITDA). This operation will strengthen its exposure to the European market wit...Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.
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