White & Case and Clifford Chance advised Believe, Cleary Gottlieb Steen & Hamilton advised the syndicate of banks, Weil Gotshal & Manges advised TCV., Orrick advised xAnge and Ventech, and Allen & Overy advised Fonds Stratégique de Participations in the transaction.
Believe executed its initial public offering (IPO) on Euronext Paris.
The prospectus received approval from the French Autorité des marchés financiers on May 31, 2021 and the offer included a share capital increase amounting to €300 million, which may be increased up to €330 million if the over-allotment option is exercised in full. Believe’s IPO on the regulated market of Euronext Paris took place on June 10, 2021 (first trading date).
A member of the ‘Next 40’ index, Believe is the first IPO of a ‘unicorn’ on Euronext Paris.
Believe’s IPO mainly aims to support the group’s development and growth strategy focused on the continuation of the group’s international expansion, the continuation of a targeted external growth strategy and the improvement and extension of existing capabilities through investments in its technology platform. The group intends notably to allocate the proceeds of the new shares issuance towards financing the investments until 2023 identified in its 2022-2025 development plan.
As part of the IPO, the Fonds Stratégique de Participations acquired a 3.2 percent direct stake in the share capital and Sycomore a 2.1 percent stake. Denis Ladegaillerie, founder of the group, retains a 12.6 percent stake.
Believe is one of the world’s leading digital music company. The group develops independent artists and labels in the digital world by providing them the solutions they need to grow their audience at each stage of their career and development. Believe’s team of digital music experts around the world leverages the group’s global technology platform to advise artists and labels, distribute and promote their music. Believe offers its various solutions through a portfolio of brands including TuneCore, Believe, Nuclear Blast, Naïve, Groove Attack and AllPoints.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert (Picture) and Séverin Robillard and included partners Max Turner, Estelle Philippi, Alexandre Jaurett, Raphaël Richard, Roman Picherack and Clara Hainsdorf, counsel Jean Paszkudzki and associates Boris Kreiss, Bénédicte Cheyrou-Lagreze, Julien Etchegaray, Claire Sardet, Laure Elbaze, Yasmine Sefraoui, Cécilia Grosjean and Caroline Lyannaz.
Cleary Gottlieb Steen & Hamilton advised Citi, JP Morgan and Société Générale with John Brinitzer and Marie-Laurence Tibi.
Weil Gotshal & Manges advised TCV with Jean Beauchataud and Agathe Soilleux.
Orrick advised xAnge and Ventech with Etienne Boursican.
Clifford Chance team was led by Anne Lemercier.
Allen & Overy team was led by Olivier Thebault.
Involved fees earner: Olivier Thébault – Allen & Overy; John Brinitzer – Cleary Gottlieb Steen & Hamilton; Marie-Laurence Tibi – Cleary Gottlieb Steen & Hamilton; Anne Lemercier – Clifford Chance; Etienne Boursican – Orrick Herrington & Sutcliffe LLP; Jean Beauchataud – Weil, Gotshal & Manges; Agathe Soilleux – Weil, Gotshal & Manges; Bénédicte Cheyrou-Lagreze – White & Case; Laure Elbaze – White & Case; Julien Etchegaray – White & Case; Clara Hainsdorf – White & Case; Alexandre Ippolito – White & Case; Alexandre Jaurett – White & Case; Boris Kreiss – White & Case; Thomas Le Vert – White & Case; Dany Luu – White & Case; Caroline Lyannaz – White & Case; Jean Paszkudzki – White & Case; Roman Picherak – White & Case; Raphaël Richard – White & Case; Séverin Robillard – White & Case; Laure Sans – White & Case; Claire Sardet – White & Case; Max Turner – White & Case;
White & Case advised Believe with a team including Clara Hainsdorf (IP&IT), Alexandre Ippolito (Tax Finance), Alexandre Jaurett (Human Capital), Thomas Le Vert (Picture – Equity Capital Markets), Roman Picherak (Finance), Raphal Richard (Finance), S?erin Robillard (Equity Capital Markets), Max Turner (Equity Capital Markets).
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