An investment consortium led by EQT, alongside TCV and Believe CEO Denis Ladegaillerie, is acquiring a 72% controlling stake in digital music distributor Believe. The consortium will launch a public offer for remaining shares at €15 per share, representing a 43.8% premium over the 30-day average price.

Believe's Board of Directors has unanimously approved the acquisition, confirming all conditions have been met and the transfer is "firm and irrevocable." The deal emphasizes maintaining Believe's mission to empower independent artists and labels, with EQT and TCV committed to accelerating technological advancement and strategic growth.

"Believe is a world leader in the digital music market, with strong French roots and a powerful ambition to be the essential partner for independent artists and labels globally," stated Denis Ladegaillerie, CEO and founder of Believe.

The Board cited several key benefits of the deal:

• Immediate liquidity for minority shareholders at a premium price
• Long-term investment opportunities
• Alignment with company mission and values
• Support for continued growth and expansion

This development follows Warner Music Group's recent decision to withdraw from acquisition talks with Believe, after concerns were raised about potential competition impacts in the independent music sector.

The acquisition occurs during a mixed period for the French music industry. While the sector has shown seven consecutive years of growth with strong physical media sales, digital adoption lags behind other markets. Industry body SNEP attributes slower streaming subscription growth to competition from short-form video platforms and increased streaming service taxation.

The transaction is expected to proceed within days, marking a significant shift in Believe's ownership structure while maintaining its commitment to independent music distribution and artist services.

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