French music streaming platform Deezer on Monday announced plans for a stock market listing in Paris in a deal valuing the business at just over 1 billion euros ($1.08 billion), the company said in a statement with a Special Purpose Acquisition Company (SPAC) 12PO. The transaction will value Deezer at a pre-money equity value of 1.05 billion euros, corresponding to an enterprise value of approximately 1.08 billion euros, Deezer said.
"Deezer is poised to continue to capture a significant share in the booming music streaming growth", Iris Knobloch, the chairwoman of the SPAC, said in a statement.
Deezer Chief Executive Guillaume d'Hauteville added "today’s transaction is another landmark for Access Industries as we like to help our music and digital investments, such as Deezer, Spotify, Beats, Warner Music or DAZN, to name a few, grow and become references in their respective markets."
Deezer's much larger rival and main competitor Spotify , which carried out its initial public offering in 2018, today has a market capitalization of around $26 billion.