Spotify
AB is nearing a deal to raise $400 million, valuing the music streaming
service provider at $8.4 billion, the Wall Street Journal reported,
citing people familiar with the matter.
The
terms of the funding, Spotify’s seventh, have been set and is expected
to close in the coming weeks, one of the people told the Journal.
Goldman
Sachs Group and Abu Dhabi’s sovereign wealth fund have agreed to invest
in the round and Spotify has also held talks with asset managers and
venture-capital firms, the Journal said, citing sources.
Spotify
and Goldman Sachs could not immediately be reached for comment. Spotify
was valued at more than $5 billion in September, according to filings
by GSV Capital Corp, a private investment fund that owns the shares, the
Journal said.
As of Friday’s close, Pandora Media has a market capitalisation of $3.6 billion.
The
Journal had reported in January that Spotify was working with Goldman
Sachs for a private fundraising, which could likely put off an initial
public offering for a year.
Spotify,
which had 15 million subscribers and 60 million active users at the end
of 2014, raised speculation of an IPO in August after re-advertising a
job for a regulatory filings expert.
The
company, founded in 2006 by Daniel Ek and Martin Lorentzon, streams
music for free and provides the service ad-free for paying customers.
Posted by : Gizmeon
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