Riyadh - Mubasher: Kingdom Holding announced on Thursday that it has completed a SAR 1 billion ($267 million) deal to purchase buy newly issued shares in the Deezer.
Shares in Deezer will be bought through Kingdom Holding and Rotana Group, both companies are wholly owned by Saudi Prince Al-Waleed bin Talal, according to a company statement.
The statement did not provide any further details on the stake or the number of shares acquired in the Dutch music streaming service, Reuters reports.
Rotana and Deezer also signed an exclusive long-term agreement to distribute Rotana’s popular audio and video content in the Middle East and North Africa, which the company believes will move Rotana to the international arena.
