Harbottle & Lewis has advised Driift Holdings Ltd, a leading UK-based livestreaming business, on its acquisition of sales and technology platform Dreamstage, Inc. from Deezer, the leading music streaming platform, and other shareholders. The acquisition was structured as a Delaware law-governed reverse triangular merger and also involved a £4 million cash investment in Driift from Deezer.
Founded in August 2020 by Ric Salmon and All Things Considered Plc, Driift produces premium quality livestreamed events for some of the biggest artists in the world, winning a BAFTA for its production of “Glastonbury Festival: Live at Worthy Farm”.
The acquisition of Dreamstage, and additional investment from Deezer, positions Driift as a market leader in livestream music experiences by combining Driift’s award winning production capabilities with Dreamstage’s inventive technology and commerce platform.
Corporate Partner Tim Parker led a team comprised of Senior Associate Ed Lane, Associate Jake Jacobson and Trainee Solicitor Sofie Sigvardt. Greenberg Glusker advised Driift on the Delaware law aspects of the transaction. Jones Day advised Deezer and VGC LLP advised Dreamstage, Inc. and certain of its shareholders on the transaction.
Tim Parker commented: “We have a longstanding reputation as a go-to adviser in the music industry as well as a wealth of experience in the technology sector, so it was great to be involved in a deal that was entirely driven off the combination of the two. It is an exciting business, and we look forward to working with the team on the next stage of development.”
On working with Harbottle & Lewis, Ric Salmon, Founder and CEO of Driift, said: “Having Tim and his brilliant team guide us through this process made what was a complex transaction feel comparatively stress-free. Of course I am hugely conscious that was only the case because of their enormous skill, knowledge and experience. We cannot thank them enough for all their hard work and wise counsel.”