LONDON: Prince Alwaleed bin Talal announced on Thursday a SR1 billion ($267 million) deal to buy newly issued shares in the Dutch music streaming service Deezer.
The shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group, the entertainment company owned by the businessman.
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, the Kingdom Holding statement said.
“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders and the signing of this distribution agreement will move Rotana to the international arena,” Prince Alwaleed said.
Deezer says it provides one of the largest and most diverse music streaming services with 53 million tracks available to 14 million active users a month.
Prince Alwaleed has investments in a number of international companies including Citigroup Inc and Twitter.