Does Kering ceo François Pinault also have an ear for music? See inside his new tech venture valued at 1.05 billion euros.
: Renowned for his eye for contemporary art, François Pinault also seems to have an ear for music.
The French billionaire’s family office is among founders of a special purpose acquisition company that is poised to merge with streaming platform Deezer and take it public. The SPAC, known as 12PO, said the business combination would be renamed Deezer and list this summer on the professional segment of Euronext Paris, valuing the firm at 1.05 billion euros.
A press release touted Deezer as “the second largest independent music streaming platform in the world” after Spotify with 9.6 million subscribers and 2021 revenues of 400 million euros. The French tech start-up was created in 2007 by Daniel Marhely. “We are excited to accompany one of the emblematic European tech leaders in its next chapter as a public company listed in Paris,” commented François-Henri Pinault, cofounder and member of the board of directors of I2PO. “We launched the first European SPAC dedicated to entertainment and leisure with the ambition to take a European champion to new heights. In Deezer, we have found the ideal combination.
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