Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Anusuya Lahiri

This Smaller Spotify Rival Looks To Go Public Via €1.05B SPAC Merger

  • Spotify Technology SA's (NYSE:SPOT) smaller French rival Deezer looks to go public via a SPAC merger backed by billionaire Francois Pinault's investment group and investment banker Matthieu Pigasse, the Financial Times reports.
  • Deezer merged with I2PO, a Paris-listed special purpose acquisition company.
  • The SPAC raised €135 million in the form of Private Investment in Public Equity (PIPE) financing.
  •  France's billionaire Pinault family backed the SPAC through its Artemis investment arm, alongside Iris Knobloch, a director at Lazard Ltd (NYSE:LAZ) and former president of Warner Bros.Discovery Inc (NASDAQ:WBD) in France and Germany, and Picasso, head of Centerview Partners in France. 
  • The deal values the streaming service at €1.05 billion.
  •  Deezer has 9.6 million paying subscribers compared to Spotify's 180 million. In 2021, Deezer last year made up about 2% of global music streaming subscribers, compared to Spotify's 31%, Apple Inc's (NASDAQ:AAPL) 15%, and Amazon.com Inc's (NASDAQ:AMZN) 13%.
  • Price Action: SPOT shares closed lower by 1.28% at $134.52 on Monday.
  • Photo via Company Website
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.