Pursuits
Streaming Music Service Deezer Plans IPO to Challenge Spotify, Apple
- Proceeds earmarked for expanding sales, entering new markets
- Music service's sales jumped 41 percent in the first half
This article is for subscribers only.
French streaming service Deezer SA filed for an initial public offering, beating larger and better-known European rival Spotify Ltd. to the market as competition heats up from Apple Inc. to win on-demand music customers.
The IPO is set to take place toward the end of the year in Paris, Deezer Chief Executive Officer Hans-Holger Albrecht said on a conference call Tuesday. Deezer is seeking funds from investors in a transaction that could value the service at about 1 billion euros ($1.1 billion), people familiar with the matter said last month. The offer will include new stock, while current owners won’t reduce their stakes, Albrecht said.