Deezer shares down for their first steps on the Paris Stock Exchange

Deezer shares down for their first steps on the Paris Stock Exchange

PARIS (Reuters) – Deezer, the French online music group, fell on Tuesday for its first trading session on the Paris Stock Exchange after its acquisition by the investment vehicle I2PO.

The action is trading at 8 euros, a decrease of 5.88%, around 07:10 GMT.

The French group signed an agreement last April for its takeover by the I2PO investment vehicle of François-Henri Pinault and Matthieu Pigasse in an attempt to compete with the Spotify platform, the world leader in music streaming.

The agreement with this SPAC was concluded on the basis of an enterprise value of approximately 1.075 billion euros.

The combination aims to grow Deezer’s revenue to €1 billion by 2025 while enabling it to achieve operating profitability and positive cash flow.

Deezer had postponed its initial IPO project until 2015 due to market conditions.

(Written by Laetitia Volga, with Dominique Vidalon, edited by Kate Entringer)

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