Warner Music Group Corp. (NasdaqGS:WMG) confirmed it has offered to acquire French record label Believe S.A. (ENXTPA:BLV) at a total equity valuation of no less than EUR 1.65 billion (USD 1.80bn). A potential transaction could value the target company at least EUR 17 per share, based on currently available public information, the suitor said in a statement on March 07, 2024.

WMG?s statement came shortly after Believe last month announced that a consortium led by founder and CEO Denis Ladegaillerie, Swedish private equity firm EQT AB and the company's largest shareholder, US venture capital firm TCV, has agreed to acquire a majority stake in the business at EUR 15 per share and then launch a mandatory tender offer to buy the rest of the shares. The US firm noted further in the press release that as opposed to the purely financial transaction contemplated by the consortium, 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?.