The audio streaming service is set to list with help from a PIPE deal featuring Orange, Access Industries, Warner Music, UMG and Media Participations.

Deezer, the France-headquartered online audio streaming service backed by corporates Access Industries, Orange, Rotana, ProSiebenSat.1, Universal Music Group (UMG), Sony and EMI, agreed on Monday to list through a reverse takeover.

The company is set to join forces with I2PO, a special purpose acquisition company that floated on the Euronext Paris market in July 2021, in a deal valuing it at €1.05bn ($1.13bn) pre-money.

The transaction will be boosted by approximately $146m in private investment in public equity (PIPE) financing from investors including conglomerate Access Industries and its Warner Music subsidiary, fellow record company UMG, publisher Media Participations and telecommunications firm Orange.

Diversified holding company Kingdom Holdings, Eurazeo, Groupe Artémis, BPIfrance and Xavier Niel also contributed to the PIPE.

Deezer runs an online platform which allows users to stream music and audio content such as podcasts through a freemium model. It had 9.6 million paying subscribers as of the end…

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.

Not sure if you have a subscription?
Robert Lavine

Robert Lavine is special features editor for Global Venturing.