Telefonica Retains Telecom Italia Stake, Coke Invests in Spotify: Merger and Acquisitions Wrap
Telefonica (NYSE:TEF) has refuted the rumor that it would divest its interest in Telecom Italia (NYSE:TI) to the Egyptian tycoon Naguib Sawiris, as the former states that it wishes to stay a long-term shareholder in the company. Meanwhile, Chief Financial Officer Angel Vila stated at a Morgan Stanley TMT conference that Telecom Italia did not require a hike in its capital and went on to comment that ,“We are stable investors in Telecom Italia, and we are not considering monetizing the stake in Telco.”
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The Coca-Cola Company (NYSE:KO) is now a minority investor in the streaming music service Spotify which move represents a new phase of financing that will bring in $100 million and at the same time bring the value of the firm to approximately $3 billion. According to an inside source, Spotify has finished the financing round. Of the new infusion of cash, 50 percent comes from Goldman Sachs (NYSE:GS), and Coke is supplying around10 percent. Fidelity Investments is reportedly contributing 15 percent, with the remaining 25 percent coming from Spotify’s existing investors.
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