This Smaller Spotify Rival Looks To Go Public Via €1.05B SPAC Merger

Spotify Technology SA's SPOT smaller French rival Deezer looks to go public via a SPAC merger backed by billionaire Francois Pinault's investment group and investment banker Matthieu Pigasse, the Financial Times reports.
Deezer merged with I2PO, a Paris-listed special purpose acquisition company.
The SPAC raised €135 million in the form of Private Investment in Public Equity (PIPE) financing.
France's billionaire Pinault family backed the SPAC through its Artemis investment arm, alongside Iris Knobloch, a director at Lazard Ltd LAZ and former president of Warner Bros.Discovery Inc WBD in France and Germany, and Picasso, head of Centerview Partners in France.
The deal values the streaming service at €1.05 billion.
Deezer has 9.6 million paying subscribers compared to Spotify's 180 million. In 2021, Deezer last year made up about 2% of global music streaming subscribers, compared to Spotify's 31%, Apple Inc's AAPL 15%, and Amazon.com Inc's AMZN 13%.
Price Action: SPOT shares closed lower by 1.28% at $134.52 on Monday.
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