Consortium secures 71.9% stake in music firm Believe, launches tender offer

An investment consortium comprising EQT X, investment funds managed by TCV, and Believe's founder and CEO Denis Ladegaillerie has finalized the acquisition of a 71.9% stake in the company's share capital. The transfer of these shares is firm and irrevocable, with all conditions precedent having been met.

Following this significant acquisition, the Consortium will initiate a simplified tender offer for the remaining outstanding shares of Believe. The offer price is set at €15 per share, matching the price paid for the majority blocks. This valuation represents a 43.8% premium over the volume-weighted average share price for the 30 trading days preceding the initial offer announcement.

Believe's Board of Directors has issued a favorable reasoned opinion on the offer, based on the recommendation of an ad hoc committee. The committee concluded that the Consortium's offer is in the best interest of the Company, its employees, and its shareholders.

The Consortium has stated its intention to strengthen Believe's market position and further develop its model, which supports independent artists and labels. This will include providing necessary support for international expansion through investments in technology and strategic acquisitions, aiming for growth exceeding market rates. Denis Ladegaillerie, CEO and Founder, expressed confidence in leveraging the consortium's expertise to make Believe a global reference in independent music.