Spotify Expertise SA
SPOT,
+2.57%
mentioned late Thursday it has agreed to amass digital audiobook distributor Findaway for an undisclosed worth. Spotify shares rose 1% after hours, following a 2.6% acquire to shut the common session at $276.65. “The acquisition of Findaway will speed up Spotify’s presence within the audiobook house and can assist us extra shortly meet that ambition,” mentioned Gustav Söderström, Spotify chief analysis and growth officer, in an announcement. Spotify mentioned Findaway will keep its headquarters in Solon, Ohio, and be led by founder Mitch Kroll, who will report back to the top of audiobooks at Spotify, Nir Zicherman. Spotify expects the transaction to shut within the fourth quarter.

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