AP Source: Spotify adds $1 bln to war chest on way to IPO

30 Mar

AP Source: Spotify adds $1 bln to war chest on way to IPO

published on March 30, 2016 - 5:26 PM
Written by The Business Journal Staff

(AP) — Music streaming leader Spotify has raised $1 billion in debt as it looks to buy companies that could accelerate its growth before listing shares on the public market within the next couple years, according to a person familiar with the matter.

The war chest was raised through convertible bonds sold to private equity firm TPG, hedge fund Dragoneer Investment Group and others, said this person, who spoke on condition of anonymity because the deal hadn’t closed yet.

Along with some $600 million in cash on its books now, the funds put several acquisition targets in Spotify’s sights: competitive streaming companies like Deezer, Tidal or Pandora; or connected speaker companies such as Sonos. It’s possible no acquisition will happen.

The bond sale was earlier reported by The Wall Street Journal.

Google’s new lineup of phones and gadgets: A quick glance Posted: October 5, 2016 at 7:51 am
(AP) — Google is taking a page from Apple's playbook
Read more »
Study examines California prison guards’ high suicide rate Posted: January 9, 2018 at 12:41 pm
(AP) — Correctional Officer Scott Jones kissed his wife goodbye
Read more »
Can internet-beaming balloons outmaneuver shifting winds? Posted: February 16, 2017 at 3:59 pm
(AP) — An eccentric laboratory spun out of Google believes
Read more »
FAA gives Disney permission to fly drones at theme parks Posted: November 4, 2016 at 8:12 pm
(AP) — Government aviation authorities have given Disney permission to
Read more »

AP Source: Spotify adds $1 bln to war chest on way to IPO

Related Posts

e-Newsletter Signup

Our weekly poll

Central Valley Biz Blogs