I2PO integrates Deezer for its listing

Posted 19 April, 2022

Deezer makes another attempt at an IPO. It will go through the SPAC I2PO already listed in Paris and with which the company has concluded a definitive merger agreement.

Deezer is the second independent music streaming platform in the world with 9.6 million subscribers. In 2021, it generated a turnover of 400 million euros. The transaction will value Deezer at €1.05 billion (value of pre-money shares on a fully diluted basis), corresponding to an enterprise value of approximately €1.075 billion.

"The combination with I2PO will accelerate the growth of Deezer, whose ambition is to achieve a turnover of one billion euros by 2025, to achieve operational profitability, and to generate cash positive," Deezer announces.

The company resulting from the combination will have, on the date of completion of the merger, the funds of I2PO, in particular, those held in its escrow account opened at the time of its IPO (after deduction of any request for redemption, if applicable) and funds raised as part of a PIPE; the total amount secured to date is €135 million (sum of subscriptions to the PIPE and a non-redemption commitment). Also announced is a PIPE subscribed by most of Deezer's existing shareholders, including Access Industries, UMG, Warner Music, Orange, Kingdom Holdings, Eurazeo, and Xavier Niel, as well as a select group of French and international long-term investors, including Artémis Group, Bpifrance and Media Participations

I2PO will be renamed Deezer following the merger.

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