Spotify is negotiating with TPG about the future of the private equity groups investment in the music streaming company, as it prepares to go public as soon as the fourth quarter.
The digital music pioneer last year raised $1bn from TPG, Dragoneer and Goldman Sachs, via a convertible debt investment. This debt would convert to equity under a liquidity event, such as an initial public offering, with equity offered at a discount to the current market price.
However, Spotify aims to list its shares directly on the NYSE, according to people briefed about the Swedish start-ups plans, a method under which the debt would not automatically convert to shares.
People with knowledge of Spotifys move say it is not aimed at preventing the debt…
Read the full article at: https://www.ft.com/content/a96dd200-9803-11e7-a652-cde3f882dd7b
