Believe's Parent, Upbeat BidCo, Plans Buy-Out Offer and Squeeze-Out
Deal News | Apr 16, 2025 | Globenewswire
Upbeat BidCo, the majority shareholder of Believe, has announced its intention to file a public buy-out offer on shares it does not currently hold. The offer price is set at 15.30 euros per share, reflecting substantial premiums over various volume-weighted averages. The governing board of Believe has appointed an ad hoc committee with three independent directors and selected Finexsi as the independent expert to offer a fairness opinion on the financial terms of the offer. Upbeat BidCo currently controls 96.65% of Believe's share capital. Following the buy-out, a squeeze-out will be executed to compensate minority shareholders, given they hold less than 10% of Believe's capital.
Sectors
- Music Industry
- Private Equity
- Investment Banking
Geography
- France – Believe, the target company, is based in Paris and the transaction is occurring under French commercial law.
- Global – Believe operates in over 50 countries and EQT and TCV have a global investment presence, affecting a wide geographical area.
Industry
- Music Industry – Believe operates as a digital music company providing services to independent artists and labels globally.
- Private Equity – EQT and TCV, involved parties in the transaction, are significant entities in private equity investments.
- Investment Banking – The transaction involves a public buy-out offering and a possible squeeze-out, typical in corporate finance and investment banking activities.
Financials
- 15.30 euros per share – Offer price per Believe share by Upbeat BidCo.
- 96.65% – Percentage of Believe share capital currently held by Upbeat BidCo.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Believe | Target Company | Company | A leading digital music company focused on supporting independent artists and labels. |
| Upbeat BidCo | Bidding Company | Company | Majority shareholder and entity launching the public buy-out offer for Believe. |
| EQT | Owner of Upbeat MidCo | Company | A global investment firm managing a vast portfolio of assets. |
| TCV | Advisor and Investor | Company | Investment firm focusing on global technology companies. |
| Denis Ladegaillerie | CEO | Person | Founder and CEO of Believe, involved in the ownership of Upbeat BidCo. |
| Finexsi | Independent Expert | Company | Appointed by the Board to provide a fairness opinion on the financial terms of the offer. |
| AMF | Regulatory Authority | Government | Autorité des marchés financiers - the financial regulatory authority overseeing the process. |