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(Bloomberg) -- Canal+, the French broadcaster owned by billionaire Vincent Bollore’s Vivendi SE, has agreed to buy a significant minority stake in Hong Kong-listed PCCW Ltd.’s Viu unit as part of a partnership agreement between the two media groups.

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The European firm paid $200 million for a 26.1% stake in Viu, an over-the-top video streaming platform available in Asia, the Middle East and South Africa, according to a statement on Wednesday. The investment could swell to $300 million in total if certain conditions are met. After that transaction is complete, Canal+ would then have the option to further increase its stake to 51%, the statement showed.

The deal will help accelerate the growth of Viu’s content and its geographical reach, while bolstering Canal+’s presence in Asia, according to the statement.

Viu had more than 66 million monthly active users and 12 million paid subscribers as of the end of 2022. The platform’s offerings include Korean content as well as its Viu Originals produced in markets including Thailand, Indonesia and Malaysia.

“We are now looking forward to supporting Viu’s rapid growth over the coming years, including through synergies with our existing operations in Vietnam and Myanmar as well as in Africa and the Middle East,” Jacques du Puy, Canal+ International’s Chief Executive Officer, said in the statement.

Viu is owned by PCCW, the Hong Kong telecommunications, media and technology conglomerate controlled by billionaire Richard Li. Shares of PCCW were up 0.3% on Wednesday at 1:57 p.m. local time, valuing the company at about $3.8 billion.

(Updates with PCCW shares in last paragraph.)

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