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Jay-Z to buy streaming music provider Aspiro
2015-01-30 11:51:00| Telecompaper Headlines
(Telecompaper) A company backed by rapper Jay-Z has made an offer to acquire the Nordic music streaming service Wimp, owned by Swedish company Aspiro. The cash offer values Aspiro at SEK 464 million, and the bid price of SEK 1.05 per share is a 58.7 percent premium on Aspiro's share price in the past 90 days. Aspiro's controlling shareholder Streaming Media has accepted the offer. Streaming Media holds 75.9 percent of Aspiro shares and is a joint venture set up by Norwegian media group Schibsted, media distributor Platekompaniet and Verdane Capital. Aspiro said it started talks in December with the company S Carter Enterprises, the company owned by Shawn Carter, also known as Jay-Z. The company has set up a bid vehicle called Project Panther and will launch the offer for the rest of Aspiro's shares 19 February. Aspiro set up a committee of independent board members to evaluate the offer and obtained an opinion from ABG Sundal Collier that the offer is fair financially for minority shareholders. The Aspiro board recommended the offer, saying the takeover will help meet its financing needs and provide further expertise for expanding its music services, which were recently launched in the US and UK under the name Tidal.
Tags: music
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Category:Telecommunications
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