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

SPOT SPAC Spotify Deezer Nasdaq NYSE France Iris Knobloch Pablo Picasso Apple
  • 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
Tom Hardy's Venom And Andrew Garfield's Spider-Man Crossover Teased.
Fan trailer 'Venom: The Last Dance' hints at a clash between Tom Hardy's Venom and Andrew Garfield's Peter Parker in The Amazing Spider-Man 3, sparking exc...
Top News
Top News
The Anxious Generation wants to save teens. But the bestseller’s anti-tech logic is skewed
There’s no doubt about the mental health crisis facing young people. Jonathan Haidt blames our devices – which oversimplifies the problem
The Guardian - US
The Guardian - US
How to play with Barbie dolls: 6 ways to use the iconic doll as a positive role model at home
If you have a little one who loves to play with Barbie, there are lots of positive ways in which you can encourage them to play in a way that helps their development and self-esteem. We’ll show you how.
GoodToKnow
GoodToKnow
7 Google Docs keyboard shortcuts to get more done in less time
Google Docs is a great free online word processor, and you can get a lot of productivity out of it once you know these keyboard shortcuts.
Tom’s Guide
Tom’s Guide
Woman Misses Her Freckles So She Paints Them On, Gets Called Out For ‘Cultural Appropriation’
Cultural appropriation in beauty and fashion is nothing new. But today, it seems impossible that white models could walk a runway in dreadlocks, tribal and Native American dress, or geisha makeup and kimonos. Appropriation happens when consumers or companies use and manufacture products that either promote cultural stereotypes or take…
Bored Panda
Bored Panda
50 Texts Women Got From Men That Are A Crash Course In How Not To Communicate
For many of us, texting is a huge part of our lives. However, some messages can take an unexpected turn for the bizarre, hilarious, and even downright cringy. The post 50 Texts Women Got From Men That Are A Crash Course In How Not To Communicate first appeared on Bored…
Bored Panda
Bored Panda
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play