Believe CEO/founder Denis Ladegaillerie has formed a consortium with investment firms EQT and TCV in a bid to wholly acquire the French music company and take it private.

The offer price of €15 per share represented a 21% premium over the closing price prior to the 2/12 announcement. Following the announcement, Believe’s stock jumped 19% to €14.78 ($15.93), a strong indication that the deal will close. The bid values Believe’s entire share capital at €1.52b ($1.64b).

“Believe has a significant opportunity ahead to consolidate the independent music market and create the first global major independent,” Ladegaillerie said in a statement.

The consortium, which has 71.9% of outstanding shares, must first obtain a 75% stake through previously agreed-upon transactions with shareholders. Once that happens, it will acquire regulatory approvals and the opinion of an independent expert before making a tender offer for the remaining shares.

Completion of the acquisition of the blocks of shares is expected to take place during Q2, after which the filing of the subsequent tender offer would be sent to French regulators.

Believe was founded in 2005 by Ladegaillerie, Arnaud Chiaramonti and Nicolas Laclias. It's the parent company of digital music distribution, publishing and licensing services TuneCore, Nuclear Blast, Naïve, Groove Attack, Play Two and AllPoints.

On 2/21 Believe shares remained steady, closing at €14.76 ($15.97).