THE WHAT? Kering Founder, Francois Pinault has struck a deal to acquire Deezer for an enterprise value of €1.075 billion, according to a report published by Bloomberg.
THE DETAILS Pinault and his partners at I2PO, a Paris-based blank-check firm, are set to take the music streaming platform public in July post-completion. Deezer CEO Jeronimo Folgueira will remain in situ while IP2O’s Iris Knobloch will replace Guillaume d’Hauteville as Chairman.
THE WHY? Deezer postponed a planned IPO in 2015 ‘due to market conditions’. With potential to expand in the UK and US, and give both Spotify and Apple Music a run for their money, the firm has plenty of scope to expand and is targeting profitability by 2025.