France’s Believe says majority owner to file buyout offer

(Reuters) – French digital music company Believe on Wednesday said its majority shareholder Upbeat BidCo would file a buyout offer for all remaining shares in the firm to take it private, four years after its initial public offering.

Founded in 2005 by former Vivendi executive Denis Ladegaillerie, Believe’s initial goal was to open up the music distribution chain by distributing artists online and releasing their albums on download platforms.

It operates in over 50 countries and its catalogue appears on major platforms including TikTok, YouTube, Spotify and Apple Music.

Upbeat BidCo, a consortium made up of Believe CEO Ladegaillerie along with investment funds EQT X and TCV, holds 96.65% of the share capital and 95.42% of voting rights in the company.

The offer, unanimously supported by Believe’s board, is expected to open in the second quarter of 2025, followed by a squeeze-out.

The price of 15.30 euros ($17.37) per share represents premiums of 2.9% to 7.5% over various trading averages from the past six months, Believe said in a statement.

($1 = 0.8807 euros)

(Reporting by Gianluca Lo Nostro; Editing by Varun H K)