Spotify wants to sell its shares to public investors this spring. And as part of its prep plans, the streaming music company has cleaned up a sticky debt deal, with the help of a big Chinese tech company.
The short version: TPG and Dragoneer Investment Group, who had led a debt round that lent $1 billion to Spotify, late last year turned some of that debt into equity, which the companies then sold to Tencent, the Chinese internet giant, according to people familiar with the deal.
The complicated transaction let TPG and Dragoneer earn a nice return on their investment. It also allowed Spotify to solve a potentially contentious business dispute before it tries a novel IPO strategy.
Longer version: In 2016, TPG, Dragoneer and Goldman…
Read the full article at: https://www.recode.net/2018/1/3/16847786/spotify-tpg-tencent-debt-dragoneer-ipo-music-streaming
