EQT-Powered Consortium Now Owns 95% of Imagine Portion Capital As Privatization Plans Switch Forward

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The Stockholm headquarters of EQT, one amongst the firms unhurried the consortium that’s taking Imagine non-public. Photo Credit: Holger Ellgaard

10 days serve, the EQT- and TCV-powered consortium, Upbeat Bidco, that’s privatizing Imagine place a June 21st conclusion for its soft provide. Now, with the window within the books, the procuring party has officially published the outcomes.

Unsurprisingly, those results are reputedly sure, Upbeat Bidco confirmed this day. Heading into the soft provide, the consortium had already secured over 70 percent of the connected portion capital from enormous traders including EQT itself as properly as Imagine founder Denis Ladegaillerie, who’s anticipated to proceed main the commercial once it delists from the Euronext.

In consequence, the €15-per-portion buyout chance made accessible by the soft provide was once designed to seal the deal for the consortium. And for essentially the most portion, it appears to absorb done real that. As of this day, Upbeat Bidco held 94.99 percent of Imagine’s portion capital, or 95.66 million shares, per Imagine’s English-language unencumber as properly as a French-language behold from the Monetary Markets Authority.

Evidently unconcerned with the remaining 5.04 million free-float shares – BLV dipped to €14.40 at some level of Monday’s procuring and selling – the consortium has long previous ahead and commenced retooling Imagine’s board.

Capitalizing on the board departure of cashed-out Imagine stakeholder Ventech, extinct Shazam CEO and present Epidemic Sound chair Andrew Fisher is poised to symbolize EQT on mentioned board, along with serving on the audit committee and the company social responsibility committee.

A vote on the ratification of Fisher’s appointment is anticipated to reach at Imagine’s 2025 annual meeting; nonetheless, the 2024 installment is scheduled for this coming Wednesday, June 26th.

Moreover, Imagine’s board has appointed two observers: TCV overall companion Michael Kalfayan (who’s billed on LinkedIn as a longtime Imagine investor) and EQT companion Nicolas Brugère.

As the Sentric guardian Imagine’s privatization nears its first price shut (and in particular after the play wraps), it’ll be value monitoring means shifts in approach and course for the commercial.

Closer to the level to, evidence suggests that the revamped operation could neutral simply choose to move and lean into its existing approach. In 2024, this approach has integrated the rollout of JV labels admire All Night Long, the initiate of a Eastern hip-hop model known as Playcode, and the acquisition of “Punjabi powerhouse” White Hill Song’s catalog, to name some.

In April, Imagine reported 16 percent year-over-year revenue growth for 2024’s opening quarter, which benefited from a 41 percent boost in Europe rather than France and Germany. The corporate has teed up the unencumber of its H1 2024 earnings anecdote for Thursday, August 1st.

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