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Spotify, Tencent Music to buy stakes in each other

As expected, Spotify AB and Tencent Holdings Ltd. subsidiary Tencent Music Entertainment Group agreed to buy equity stakes in each other.

Tencent Music Entertainment and Spotify will buy new shares representing minority equity stakes in each other for cash. Tencent will also invest in Spotify through secondary purchases, the companies said Dec. 8.

Following these transactions, Spotify will hold a minority stake in Tencent Music Entertainment, and both Tencent and Tencent Music Entertainment will hold minority stakes in Spotify.

Financial terms of the deal were not disclosed.