Spotify Rival Deezer Strikes SPAC Deal

PARIS—French music streaming service Deezer is merging with a special-purpose acquisition company and aiming to go public at a €1.05 billion, or about $1.13 billion, valuation, the companies said.

The Paris-based competitor to Spotify Technology SA and other music streamers has 9.6 million subscribers and generated revenue of €400 million in 2021, Deezer said in a statement. The music streaming service offers listeners a catalog of more than 90 million songs, as well as podcasts, audio books and radio channels.