Believe SA top investors explore takeover of French digital music co –sources

Believe SA

11/01/2024 18:36

By Amy-Jo Crowley, Pablo Mayo Cerqueiro and Mathieu Rosemain
       LONDON, Jan 11 (Reuters) - The largest shareholders in
Believe  BLV.PA , the French music services company behind
best-selling French artists like rap duo PNL, have been
exploring taking it private in recent weeks, people familiar
with the matter told Reuters.
    The investors, who include the group’s CEO and founder Denis
Ladegaillerie and U.S. investment firm TCV, have been sounding
out interest from private equity firms to explore a bid for
Paris-based Believe, less than three years after its stock
market debut, said the people, who spoke on condition of
anonymity. The shareholders were working with advisers, two of
the people said. 
    Swedish private equity group EQT  EQTAB.ST  is among the
firms that held talks with the shareholders about Believe, which
has a market capitalisation of 948 million euros ($1.04 billion)
but ended talks last month, one of the people said. Permira was
also in talks that ended last month, a second person said. 
    While a deal might not materialise, the talks are still
ongoing, a third person said. 
    TCV declined to comment. Ladegaillerie did not respond to
multiple requests for comment. A spokesperson for Believe had no
immediate comment. 
 ($1 = 0.9141 euro)

 (Reporting by Amy-Jo Crowley and Pablo Mayo Cerqueiro in London
and Mathieu Rosemain in Paris
Editing by Anousha Sakoui and Matthew Lewis)
 ((Amy-Jo.Crowley@thomsonreuters.com;))