{"id":208112,"date":"2024-08-06T19:16:58","date_gmt":"2024-08-06T18:16:58","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=208112"},"modified":"2024-08-06T19:18:03","modified_gmt":"2024-08-06T18:18:03","slug":"believe-fully-acquires-dogan-music-company-claimed-to-be-turkeys-largest-independent-label-after-buying-remaining-40-stake-for-42m","status":"publish","type":"post","link":"https:\/\/www.musicbusinessworldwide.com\/believe-fully-acquires-dogan-music-company-claimed-to-be-turkeys-largest-independent-label-after-buying-remaining-40-stake-for-42m\/","title":{"rendered":"Believe fully acquires Do\u011fan Music Company, claimed to be Turkey’s largest independent label, after buying remaining 40% stake for $42m"},"content":{"rendered":"

Paris headquartered music company Believe has fully acquired Do\u011fan Music Company (DMC), which is claimed to be Turkey\u2019s largest independent label.<\/p>\n

Believe struck an initial deal with DMC in 2020 to acquire a 60% majority stake<\/a> in the label for \u20ac18.8 million<\/strong> (net of \u20ac1.6 million cash acquired). That deal included the consolidation of Do\u011fan M\u00fczik Yap\u0131m ve Ticaret A.\u015e. and Netd M\u00fczik Video Dijital Platform ve Ticaret A.\u015e. within the Believe group.<\/p>\n

According to an update on Tuesday (August 6), Believe has now reached an agreement with Do\u011fan Group<\/a> to exercise a call option, acquiring the remaining 40%<\/strong> of DMC for a total of \u20ac38.3 million<\/strong> (approx USD $41.8m at current exchange rates).<\/p>\n

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Believe said in an update to the market on Tuesday (August 6) that the transaction is still subject to approval by the competition regulator.<\/p>\n

The deal for Istanbul’s DMC marks the latest M&A move for acquisitive Believe, which just last month acquired a\u00a025%<\/strong> stake<\/a> in Bucharest-headquartered Global Records, which has offices in Romania, Germany and the US.<\/p>\n

Global is claimed to be the biggest independent music company in Central and Eastern Europe.<\/p>\n

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Believe\u2019s investment in Global and DMC follows the confirmation<\/a>\u00a0on June 24 that\u00a0a majority<\/strong>\u00a0of Believe\u2019s share capital is now owned by a consortium consisting of\u00a0EQT X<\/strong>,\u00a0TCV,<\/strong>\u00a0and Believe founder and CEO,\u00a0Denis<\/strong>\u00a0Denis Ladegaillerie<\/a><\/strong>.<\/p>\n

As of July 15, the consortium held 96.02%<\/strong> of Believe\u2019s share capital (see below).<\/p>\n

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Speaking exclusively with\u00a0Music Business Worldwide<\/a> in June, Believe founder and CEO,\u00a0Denis Ladegaillerie <\/a><\/strong>said<\/a>\u00a0that Believe is planning to spend\u00a0EUR \u20ac200 to \u20ac300 million<\/strong>\u00a0per year on acquisitions to grow its global business.<\/p>\n

Speaking with MBW, Ladegaillerie, said: “<\/strong>We are aligned with\u00a0EQT<\/strong>\u00a0and\u00a0TCV<\/strong> to supercharge our existing organic growth. We will continue to invest in our organic growth strategy and make acquisitions to grow market share.”<\/p>\n

He added: “The No.1 element of our acquisition strategy today is in the Top 10 markets. We want to become a No.1 player in those markets. We are already the largest player [on local repertoire] in France<\/strong>; the third largest player in\u00a0Germany<\/strong>; the largest player in\u00a0India<\/strong>; the third largest player in\u00a0Japan<\/strong>. We want to do more. The\u00a0US, UK,<\/strong>\u00a0and\u00a0Japan<\/strong>\u00a0are all key priorities for us.<\/p>\n

“At the same time, we will continue making very qualitative, targeted acquisitions across [smaller] markets as you\u2019ve seen recently in Turkey, the Philippines,<\/strong> and elsewhere.”<\/p>\n

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Believe <\/a>published its financial results for the first half of 2024 (the six months ending June 30) on Thursday (August 1).<\/p>\n

The company, which trades on the Paris Euronext<\/a>, generated revenues of\u00a0EUR<\/strong>\u00a0\u20ac474.1 million (approx. USD $510m)<\/strong>\u00a0in H1 across its entire business.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Believe struck an initial deal with DMC in 2020 to acquire a 60% stake in the label<\/p>\n","protected":false},"author":15,"featured_media":204321,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[3071],"class_list":["post-208112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-believe"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/208112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/comments?post=208112"}],"version-history":[{"count":0,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/208112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media\/204321"}],"wp:attachment":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media?parent=208112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/categories?post=208112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/tags?post=208112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}