Deezer is going public via a SPAC deal valuing the music streaming service at €1.05 billion, or about $1.1 billion.
Why it matters: Deezer owns just 2% of the global music streaming business and is unprofitable, but the hope is this SPAC deal will drive the company's growth and turn a profit.
Details: Deezer will merge with blank-check company I2PO, which is backed by France's billionaire Pinault family and Centerview Partners banker Matthieu Pigasse, Wall Street Journal first reported. It's led by former WarnerMedia executive Iris Knobloch.
Flashback: Deezer tried to go public in 2015 but abandoned the plan, blaming market conditions. Pandora, another music streaming service, had been performing poorly at the time.
The bottom line: "The transaction is the latest indication of investor appetite for music, which has been on a tear in recent years, boosted by streaming." — Nick Kostov, WSJ
