Saudi Arabias Kingdom Holding Company (KHC) has announced the completion of a $266.5M deal to buy newly issued shares in Deezer, a global digital music streaming service, through KHC and Rotana Group, as reported by Reuters. The announcement was made by Prince Alwaleed bin Talal bin Abdulaziz Al Saud, Chairman of KHC and Chairman of […]
Saudi Arabias Kingdom Holding Company (KHC) has announced the completion of a $266.5M deal to buy newly issued shares in Deezer, a global digital music streaming service, through KHC and Rotana Group, as reported by Reuters.
The announcement was made by Prince Alwaleed bin Talal bin Abdulaziz Al Saud, Chairman of KHC and Chairman of Rotana Group.
Rotana and Deezer, which is available in 180 countries, also signed an exclusive long-term agreement to distribute Rotanas popular audio and video content in the Middle East and North Africa.
The agreement covers Saudi Arabia, UAE, Egypt, Lebanon, Morocco, Tunisia, Algeria and Turkey, the statement from KHC said.
Prince Alwaleed stated: The investment of KHC and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders and the signing of this distribution agreement will move Rotana to the international arena.
The statement did not provide any further details on the stake or the number of shares acquired. Alwaleed, a nephew of Saudi King Salman, has investments in a number of international companies including Citigroup Inc and Twitter.
