Private equity giant KKR has agreed to back digital music platform Pandora in a deal worth around $150m. KKR will acquire newly-created shares, and up to $100m of additional shares could be created if the company chooses. The digital music platform operates in the US, Australia and New Zealand and offers billions of hours of music. KKR partner Richard Sarnoff said, “A true pioneer in digital music, we believe that Pandora is uniquely positioned over the long term given the sheer size of its user base, the quality of its new subscription services and the fact that it has created one of the few scaled streaming media businesses in the US. “The launch of Pandora Premium is yet another example of innovation at a company that created the modern-day music recommendation engine. And we believe that the next few years should be transformational for the company.” Earlier this month KKR joined with Dunas Capital and Alua Hotels & Resorts to buy Intertur Hotels group. The firm is set to raise over $9bn for its third Asia fund, which is planned for a summer close. Copyright © 2017 AltAssets
Private equity giant KKR has backed digital music platform Pandora in a deal worth about $150m . As part of the deal, KKR will acquire newly created shares and hold the right to issue up to $100m more shares. In addition, Pandora , KKR 's head of KKR in the Americas , will join KKR 's board of directors. Pandora offers billions of hours of licensed music to its customers in the US , New Zealand and Australia .