12/8/2017, 5:21 PM (Source: TeleTrader)
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Spotify, Tencent Music to buy each other's stocks

Spotify Technology SA and Tencent Music Entertainment Group (TME) will acquire minority stakes in each other, according to a joint statement released on Friday. TME is a subsidiary of Tencent Holdings Ltd. and one of the largest online music services in China.

Both firms will buy shares for cash, while the partner from the most populous country will also invest in the Swedish streaming company through secondary purchases, the press release adds. The size of the stakes was not revealed.

“Spotify and Tencent Music Entertainment see significant opportunities in the global music streaming market for all our users, artists, music and business partners. This transaction will allow both companies to benefit from the global growth of music streaming," said Daniel Ek, chief executive and founder of Spotify.

Baha Breaking News (BBN) / DJ