Believe Backs Increased Offer from Upbeat BidCo
Deal News | Jun 04, 2025 | Globenewswire
Believe, a digital music market leader, has received a raised public buyback offer from Upbeat BidCo, which involves a mandatory squeeze-out procedure. The revised offer price, set at €17.20 per share, provides notable premiums over the 30, 60, 120, and 180-day volume-weighted average prices as of June 2, 2025. This financial proposal has been deemed fair by the independent expert, Finexsi, appointed by Believe's board based on their special committee's advice. Both the committee and board of Believe have given unanimous support to the offer, highlighting its alignment with shareholder and employee interests and the company's development strategy. The offer and mandatory squeeze-out, ultimately leading to automatic transfers by non-participating shareholders to Upbeat BidCo, are expected to facilitate Believe's growth without altering its business model or HR policies. Regulatory filings will be made to the French Financial Markets Authority, and pertinent documents will be available on the stated websites. This move is aligned with EQT's and TCV's investment strategies in global technology enterprises.
Sectors
- Digital Music
- Private Equity
- Investment Management
Geography
- France – Believe, the target company, is located in Paris, and the offer falls under French financial regulatory oversight.
- Luxembourg – Upbeat BidCo and its associated holding companies are registered in Luxembourg, where the acquirer's entities are based.
Industry
- Digital Music – Believe operates in the digital music industry, supporting artists and labels with tailored digital solutions.
- Private Equity – Upbeat BidCo is involved in this transaction as a private equity-controlled entity looking to acquire Believe shares.
- Investment Management – EQT and TCV, affiliated with Upbeat BidCo, operate in the investment management sector, focusing on technology and real assets.
Financials
- €17.20 – The revised offer price per share for Believe.
- +12.6% to +17.6% – Premiums offered over the 30, 60, 120, and 180-day weighted average prices.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Believe | Target | Company | A leading digital music company providing services to artists and independent labels. |
| Upbeat BidCo | Bidding Company | Company | The entity proposing the buyback offer to Believe's shareholders. |
| Finexsi | Independent Expert | Company | Provided an independent financial assessment of the offer for Believe. |
| EQT | Other Company | Company | A global investment firm associated with Upbeat BidCo, focusing on private capital and real assets. |
| TCV | Other Company | Company | An investment firm specializing in technology companies, associated with Upbeat BidCo. |