EQT buys stake in Sweden's Storytel, becomes second largest shareholder
07/09/2021 07:49
STOCKHOLM, Sept 7 (Reuters) - Private equity firm EQT
EQTAB.ST has bought close to 10% of the shares in audiobook
streaming group Storytel STORYb.ST to become its second
largest shareholder, it said on Tuesday.
Storytel said in a separate statement that it had proposed
Stefan Blom, who has held leading positions at Spotify SPOT.N ,
as its new chairman.
"After 11 amazing years as Chairman of the board I am glad
to hand over the baton to Stefan Blom and welcome EQT as a major
shareholder," Storytel Chairman Rustan Panday said.
EQT said it had acquired 6.6 million Storytel shares, while
Joakim Rubin, Partner at EQT Public Value Advisory Team, would
join the board of directors.
Storytel, which offers listening and reading of more than
500,000 titles across 25 markets, last month cut its revenue and
subscriber guidance due to higher marketing spend and worse than
expected performance in Spain and Latin America. urn:newsml:reuters.com:*:nL8N2PD23T
Shares in Storytel, in which Roxette Photo NV is the biggest
owner according to Refinitiv data, are down 22% so far this year
through Monday.
(Reporting by Helena Soderpalm; editing by Niklas Pollard)
((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))