Recently Jay-Z became one of the first rappers to become a billionaire after Apple acquired Beats earlier last year, it now seems as though the rapper is looking to use some of that cash with a new acquisition.
According to reports the superstar is looking to acquire Aspire AB, who are the company who own the Norway-based service WIMP Music, and the recently launched Tidal music streaming service.
To provide some backstory, WIMP was fist launched in 2010 but is only available in Norway, Denmark, Sweden, Germany, and Poland currently, this was however launched in the form of Tidal in the UK and the US.
Tidal launched in both markets earlier last year, offering high-fidelity streaming, the service costs $20 a month for the service, but offers services that are more premium than what services like Spotify currently offer.
According to the press release the bid was made under the name “Project Panther Bidco Ltd”, which is owned by S. Carter Enterprises (SCE), who is owned by Jay-z, or rather Shawn Carter.
As of yet however the report only states that Aspiro’s board of directors has “unanimously recommended” that all Aspiro shareholders accept the offer, so there’s no confirmation of the acquisition yet.
It does however set a price for the deal, with the report valuing each Aspire share at around $0.13, which means they value the deal at around $56 million.
So with nothing to confirm we don’t know if the deal will go through, however the acceptance period is between February 19th and March 11th.
Source: Business Wire
Via: Venture Beat