François-Henri Pinault and Matthieu Pigasse struck a $1 billion deal with Deezer. The European music streamer has carved out a niche and may fend off Spotify. But the SPAC is paying a higher multiple for a slower-growing company, writes LiamWardProud
French music-streaming group Deezer on April 18 announced plans to merge with I2PO, a special purpose acquisition company backed by billionaire François-Henri Pinault and investment banker Matthieu Pigasse.
The deal values the Spotify Technology rival at just over 1 billion euros. Deezer’s revenue in 2021 was 400 million euros, roughly 5% more than the previous year. The company’s top line shrank slightly in 2020.A logo is seen at the music streaming services Deezer's headquarters in Paris, France, September 5, 2017. Picture taken September 5, 2017.
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