Kering's billionaire founder Francois Pinault to buy streaming platform

Kering founder François Pinault and two other founders of Paris-based I2PO are buying music-streaming platform Deezer for 1.075 billion euros.

According to a Bloomberg report the entity will raise at least 120 million euros, with the aim to go public after a previous attempt in 2015.

Deezer, a French online music streaming service, was founded in 2007 and allows users to listen to music content from record labels, including Universal Music Group, Sony Music and Warner Music Group as well as podcasts on various devices online or offline.

Deezer competes with Spotify, Apple Music and other music-streaming platforms. Its biggest markets are France, Brazil and Germany and it wants to expand across the U.S. and the U.K., Bloomberg said.