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Every day, music-streaming company Spotify looks a little more serious about going public.
The company received a $200 million credit facility, which is a step towards an initial public offering (IPO), according to reports from the Financial Times and other outlets. Credit Suisse, Deutsche Bank, Goldman Sachs, and Morgan Stanley reportedly worked on the deal.
Stockholm-based Spotify declined to comment.
Banks want to underwrite IPOs, and they can entice growing companies by offering a big line of credit. It’s a sign of a potential public bid, as is a search for someone with financial reporting experience, which Spotify reportedly conducted last month.
On top of that, Spotify last week announced it would buy music-data provider Echo Nest. The deal went down for $100 million, TechCrunch reported.
Spotify carried a valuation north of $4 billion after its $250 million funding round, which was reported in November.
Spotify is a Swedish DRM-based music streaming service offering streaming of selected music from a range of major and independent record labels, including Sony, EMI, Warner Music Group, and Universal.[ Launched in October 2008 by Swedi... read more »
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