Nokia to acquire LoudeyeAugust 9, 2006
It was announced today that Nokia will acquire Loudeye for approximately $60m. Loudeye is a global player of digital music platforms and digital media distribution services.
Under the terms of the agreement signed between the two companies, Loudeye stockholders will receive $4.50 per share in cash for each share of Loudeye common stock. By acquiring Loudeye, Nokia hopes to offer consumers a mobile music experience, including devices, applications and the ability to purchase digital music.
Loudeye operates 60 live services in over 20 countries and multiple languages across Europe and South Africa, Australia and New Zealand. The company aggregates rights and content from all major labels and independents and currently offers a licensed catalogue and complete media for over 1.6 million tracks, Nokia informed.
The transaction is expected to be completed in the fourth quarter of 2006.