Jun 2023
Conyers provided Cayman Islands legal advice to PCCW Limited in connection with its strategic partnership with the CANAL+ group (“CANAL+”) in relation to Viu International Limited (“Viu”), an OTT video streaming service with a presence across Asia, the Middle East, and South Africa. Viu is one of the three biggest video streaming service players in the Southeast Asia in terms of monthly active users and paid subscribers. The partnership is a strategic move by Viu to compete against Netflix.
Following an initial investment of US$200 million, CANAL+ becomes a significant minority shareholder in Viu holding a 26.1% interest and has agreed to make a staggered investment of US$300 million, subject to regulatory and other conditions, for a controlling 51% stake in the future.
PCCW Limited is a global company headquartered in Hong Kong which holds interests in telecommunications, media, IT solutions and property developments and investments, among other businesses. CANAL+ is part of the Vivendi group, a French mass-media holding company headquartered in Paris, and creates and distributes content worldwide.
Partner Richard Hall and Senior Associate Ryan McConvey of Conyers’ Hong Kong office advised on the matter working alongside Slaughter and May.