Deezer's SPAC values music streaming service at $1.1B

Deezer is going public via a SPAC deal valuing the music streaming service at €1.05 billion, or about $1.1 billion.

Why it matters: Deezer owns just 2% of the global music streaming business and is unprofitable, but the hope is this SPAC deal will drive the company's growth and turn a profit.