Denis Ladegaillerie, the founder and CEO of Imagine, is as soon as once more main a non-public firm.
As beforehand reported, Ladegaillerie has teamed up with the EQT X fund plus funds suggested by TCV to type a non-public consortium.
As of final month, that consortium owned 96.65% of Imagine, with the remaining ~4% of the corporate nonetheless buying and selling on the Paris Euronext.
Immediately (July 22), Imagine has ceased buying and selling on that inventory market, with Ladegaillerie’s consortium within the last throes of a ‘squeeze-out’ to regain full management of the enterprise.
Below French monetary regulation, an organization’s house owners can drive public shareholders to promote their shares in a enterprise – aka: a ‘squeeze-out’ – as long as solely a fraction of mentioned enterprise stays buying and selling on a public alternate.
Imagine’s remaining public shareholders had till yesterday (July 21) to simply accept the Ladegaillerie consortium’s buyout supply of EUR €17.20 per share.
A few of these shareholders mentioned sure: in accordance with Imagine, at yesterday’s shut, the consortium possession had elevated to 98.67% of the corporate’s share capital and 97.40% of the voting rights.
Nevertheless, some shareholders – these holding simply 1.33% of Imagine’s fairness – didn’t settle for Ladegaillerie’s supply by the deadline.
Alas, because of the ‘squeeze-out’ component, this was finally a proposal… they couldn’t refuse.
The 1.33% of Imagine shareholders who didn’t settle for the consortium’s supply by yesterday are actually anticipated to see their shares transferred to Ladegaillerie and co. anyway through a ‘obligatory withdrawal’ for the €17.20 per share worth.
Imagine has confirmed that the consortium will file a request with the AMF (France’s equal of the USA’s SEC) within the coming days to finish this ‘squeeze-out’ course of.
Public buying and selling of Imagine’s shares has been suspended at this time (July 22) forward of the finalization of the ‘squeeze-out’.
Imagine – now successfully non-public – additionally says it’s going to stop public monetary communications.
Consequently, Imagine has confirmed that its half-year outcomes for 2025 won’t be made public.
Final 12 months, Ladegaillerie’s consortium gained majority management of Imagine, securing 94.99% of the corporate’s share capital by way of a €15-per-share takeover bid. That transaction valued Imagine at about €1.43 billion ($1.63 billion).
EQT beforehand mentioned that, through its stake within the Ladegaillerie consortium, it expects to be “30-35% invested” in Imagine. This means that EQT X now owns round a 3rd of the fairness in Imagine.
EQT, a world funding group with €269 billion ($305.5 billion) in whole property underneath administration, has elevated its publicity to music-related property. It has additionally invested in Epidemic Sound and expertise company UTA.
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