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Warner Music Group ("Warner Music Group" or WMG") confirms that on February 21, 2024 it approached Believe SA, a global digital music company headquartered in France and listed on the regulated market of Euronext Paris ("Believe" or the "Company") to initiate discussions with respect to a potential combination of Believe with WMG (the "Transaction") and that it indicated on February 27, 2024 that, at this stage, WMG thought it could value Believe at a price of at least €17/share (coupon attached) based on currently available public information.
WMG reaffirms its interest in the potential Transaction and considers that such a combination would be beneficial to the Company and all of its other stakeholders (shareholders, employees, artists and labels). As opposed to the purely financial transaction contemplated by the consortium formed by EQT, TCV, and Denis Ladegaillerie (the "Consortium") announced on February 12, 2024, WMG would provide Believe with strategic support and financial stability to help the development and growth of the Company, including by accelerating its expansion into new geographies.
In addition, WMG envisages financial terms that would be more attractive than those announced by the Consortium. Although no decision has been taken at this stage, the Transaction could be for cash only, without WMG excluding the possibility of a share component, and without any financing conditions. If necessary, and depending on the information provided by the Company, the filing of the offer could be subject to obtaining authorizations from relevant competition authorities.
Posted In: WMG
