The beIN Media Group has completed a deal to take over Turkish pay-television broadcaster Digiturk.
Terms of the agreement were not disclosed, but the two parties confirmed the deal in a statement issued late on Monday.
Nasser Al-Khelaïfi, the chief executive of beIN Media Group, said: “The acquisition of Digiturk is in line with our goal to keep expanding in markets with potential for significant growth. Our entry into the Turkish market is a natural step for the beIN Media Group. We aim to develop the Digiturk platform and Turkish pay-TV, as well as the sports market.”
The deal has been widely touted in recent months, with the Bloomberg news agency reporting in June that it could be worth up to $1.5bn (€1.3bn).
Investment vehicle Çukurova Holding, which is controlled by Turkish billionaire Mehmet Emin Karamehmet, held a 53-per-cent stake in Digiturk, while US buy-out company Providence Equity Partners and other shareholders controlled the remaining 47 per cent.
In April, it was reported that the deal was pending the approval of Turkey's Savings Deposit Insurance Fund, which seized Cukurova’s stake in Digiturk in 2013 due to debts.
Digiturk has domestic rights for Turkish football’s top-tier Süper Lig until the end of the 2016-17 season.