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U2 Gear Maker Music Tribe Plans IPO as Stake Sale Said to Stall

  • Approaches didn’t meet firm’s valuation target of $2 billion
  • Company makes microphones, amplifiers, sound mixing consoles

Music Tribe Global Brands Ltd., which makes audio gear used by artists from U2 to AC/DC, has shelved plans to sell a stake in the business, according to people familiar with the matter, as it considers an initial public offering.

Indications of interest from prospective investors, including firms in the industry and investment funds, didn’t meet the closely-held company’s $2 billion valuation target, the people said, asking not to be identified because the matter is confidential. The business, founded and led by entrepreneur Uli Behringer, hired JPMorgan Chase & Co. to conduct a strategic review earlier this year, Bloomberg News has reported.