Storytel enters the U.S. with acquisition of Audiobooks.com (updated)
12/11/2021 08:59
* Storytel eyes expansion into more English-languauge
markets
* Shares in Storytel rise on the news
(Adds detail, share reaction)
STOCKHOLM, Nov 12 (Reuters) - Swedish audiobook streaming
group Storytel STORYb.ST said on Friday it had agreed to buy
Audiobooks.com from investment firm KKR, marking its entry into
the U.S. market.
The acquisition will be financed through existing funds and
a newly issued 500 million crown ($57.3 million) loan facility,
Storytel said in a statement. It did not disclose the terms of
the deal.
"With this acquisition, Storytel extends its trajectory of
expansion and profitable growth to the largest English-language
audio market in the world," it said.
"Storytel's acquisition of Audiobooks.com lays the
foundations for the company's expansion into English-language
markets and underlines its pronounced growth strategy to launch
into large and established audio markets."
Storytel, which currently has 1.7 million subscribers in 25
markets with around 700,000 titles globally, said it expected to
finalise the acquisition at the end of December. Its shares were
up 5% at 1015 GMT.
Audiobooks.com, one of the leading audiobook services in the
United States, is available in more than 150 countries with
300,000 titles, Storytel said.
($1 = 8.7322 Swedish crowns)
(Reporting by Anna Ringstrom; Editing by Simon Johnson)
((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))