Swedish audiobook streaming service Storytel agreed to take over Audiobooks.com from investment company KKR for $135 million, in an effort to set foot in the US market as part of its growth strategy.
In a statement, Storytel explained the deal will help it extend its path to expansion and profitable growth by entering the largest English-speaking audio market globally, in line with a strategy to launch services in well-established markets.
Storytel will finance the deal through existing funds and a SEK500 million (approximately $57 million) bridge loan facility, and expects its completion in December, subject to customary regulatory approval.
Company CEO Jonas Tellander explained it aimed to make “audiobook listening as popular on the English-speaking markets as it has become in recent years in the Nordics”.
Storytel currently operates in 25 markets in Europe, the Middle East, Latin America and Asia. With the acquisition, it brings 300,000 audiobooks to its catalogue.Subscribe to our daily newsletter Back