Music Streaming Service Deezer Nears SPAC Deal
French business, a competitor to Spotify and Apple Music, to merge with blank-check company backed by family behind Gucci-owner Kering
French music streaming service Deezer is nearing a deal to go public by merging with a special purpose acquisition company backed by the family behind luxury titan Kering SA, KER -1.73% according to people familiar with the matter, as consumer demand for music continues to grow.
The Paris-based competitor to Spotify SPOT +2.52% Technology SA and other music streamers has 16 million active users and is available in more than 180 countries, according to its website. Deezer offers listeners a catalog of more than 90 million songs, as well as podcasts, audio books and radio channels.
Deezer is in talks to merge with Paris-listed I2PO SA, I2PO 1.55% the people said. The blank-check company is backed by France’s Pinault family, controlling shareholder of Gucci-owner Kering, and Centerview Partners banker Matthieu Pigasse. The vehicle is headed by former WarnerMedia WBD +8.75% executive Iris Knobloch.
The deal, if finalized, could be announced in coming days, the people said. The valuation of the deal couldn’t be learned.