STOCKHOLM (Reuters) - Music streaming company Spotify and the music arm of China's Tencent Holdings Ltd will buy minority stakes in each other's businesses, the companies said in a statement on Friday.
Tencent Music Entertainment Group (TME), a subsidiary of Tencent Holdings, and Spotify plan to buy new shares representing minority equity stakes in each other for cash, the companies said. The size of the stakes was not specified.
In addition, Tencent Holding will take a minority stake in Spotify through secondary purchases.
(Reporting by Helena Soderpalm and Olof Swahnberg; editing by Niklas Pollard)
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