PARIS, France (CelebrityAccess) — Upbeat BidCo, a consortium led by Believe founder and CEO Denis Ladegaillerie, has announced plans to take the company private through a public buyout of outstanding shares.
The offer will be launched by Upbeat BidCo, an entity held directly and indirectly by Mr. Ladegaillerie, Upbeat MidCo S.à r.l. (a company controlled by the EQT X fund), and funds advised by TCV, the companies said.
The offer will be priced at €15.30 per share, representing a premium of 2.9% to 6.0% over the 30-day, 60-day, 120-day, and 180-day volume-weighted average prices as of April 14, 2025.
The share buyout will be followed by a squeeze-out of remaining shares, ensuring the company becomes a fully controlled private entity upon completion of the transaction.
Believe’s board responded favorably to the buyout proposal, with its ad hoc committee unanimously supporting the offer, subject to a review of the financial terms and an independent expert’s report.
The board has appointed Finexsi – Expert & Conseil Financier, represented by Mr. Olivier Péronnet, as the independent expert to assess the agreement, including issuing a fairness opinion on the offer’s financial terms.
The transaction is expected to require regulatory approval from the Autorité des Marchés Financiers (AMF) and the offer is anticipated to open during the second quarter of 2025.
