Deezer will enter the Paris Stock Exchange this summer
The music streaming platform available worldwide will be listed on the Paris Stock Exchange at the end of July.
This IPO will be through a SPAC, a company launched to raise funds and enter a stock exchange.
AFP/LIONEL BONAVENTURE
Seven years after its failed attempt, the French music streaming platform Deezer will enter the Paris Stock Exchange “at the end of July” via the SPAC (investment vehicle) I2PO owned by the Pinault family, Matthieu Pigasse and a former manager. from WarnerMedia.
“I2PO and Deezer have entered into a definitive agreement to combine with a view to listing the global music streaming platform on the stock exchange,” the two entities wrote in a joint press release published on Monday. The transaction will value Deezer at 1.05 billion euros. This IPO will be through a SPAC, a company launched to raise funds and enter a stock exchange, with the project of subsequently buying an unlisted company in a sector defined in advance.
When an agreement is reached with a target company, it merges with the SPAC, and becomes a listed company, after a less complicated process for it than for a traditional IPO. With this merger, Deezer and I2PO are counting on achieving a turnover of “one billion euros by 2025”.
Second attempt
Created in 2007 and competitor of Spotify, Deezer indicates that it is available in 180 countries. It has more than 9.6 million subscribers and in 2021 generated a turnover of 400 million euros. The merger should be effective “at the end of July”, told AFP Iris Knobloch, chairman of the board of directors and general manager of I2PO. Dedicated to entertainment, this SPAC was launched in the summer of 2021 by the Pinault family, Matthieu Pigasse and the latter.
The merger of the two companies will take place “subject in particular to the approval of the general meeting of shareholders of I2PO and the general meeting of shareholders of Deezer”, scheduled for the end of June-beginning of July, specifies the press release.
In 2015, Deezer had attempted an IPO before giving up at the last minute on the grounds of unfavorable “market conditions”. “Today we are a bigger company driven by a streaming sector which is in strong dynamics,” he explained to AFP.
Posted today at 7:53 p.m.
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