STOCKHOLM (Reuters) - Private equity firm EQT is buying a stake of about 40 percent in music company Epidemic Sound, it said on Tuesday without disclosing further financial details of the deal.
Epidemic Sound, which buys music from composers and licenses it to TV channels, YouTube productions and Facebook video creators, was valued at around 400 million crowns ($47 million) in a transaction earlier this year, according to Swedish tech news outlet Breakit.
EQT added that venture capital firm and Spotify backer Creandum was increasing its ownership to 20 percent in connection with the deal, while Epidemic founders and employees will own 40 percent.
Epidemic Sound said the deal will help it expand into more countries, collaborate with more musicians and increase its repertoire of soundtracks. A spokeswoman declined to comment on current valuation or sales at the company, which was founded in 2009.
Industrial holding company Investor AB (INVEb.ST) is a big investor in EQT’s funds.
($1 = 8.4899 Swedish crowns)
Reporting by Helena Soderpalm; editing by Niklas Pollard