On June 24, 2024, Autorité des marchés financiers (AMF) released the results of Upbeat Bidco’s simplified tender offer for Believe shares. Upbeat Bidco, formed by funds managed by TCV and EQT X, along with Denis Ladegaillerie, the Chairman and CEO of Believe, acquired 19,619,422 more Believe shares during the offer period from June 3 to June 21, 2024. This acquisition brings Upbeat Bidco’s total holding to 95,664,105 shares, representing 94.99% of Believe’s share capital. The reshuffling in the shareholder structure resulted in the departure of Ventech from the Board of Directors and the co-option of Andrew Fisher, who will also serve on the Audit and CSR Committees. The Board also appointed Michael Kalfayan and Nicolas Brugere as observers. Believe, a leading digital music company, aims to support independent artists and labels globally.

Private Equity, Digital Music, Corporate Governance,France, Global