STOCKHOLM (Reuters) -Swedish audiobook streaming group Storytel 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)
