Spotify, Tencent Holdings Limited (Tencent) and its subsidiary Tencent Music Entertainment Group (TME) have announced mutual equity investments. TME and Spotify will acquire new shares representing minority equity stakes in each other for cash. In addition, Tencent will invest in Spotify through secondary purchases. Following these transactions, Spotify will hold a minority stake in TME, and both Tencent and TME will hold minority stakes in Spotify.
Spotify is being advised by Mannheimer Swartling, amongst others, in the transaction.