16
Aug
Nokia has agreed to buy the Seattle, US-based digital music distributor Loudeye Corp. in all cash deal of about $60 million. The Finnish mobile phone giant will pay $4.50 for each share of Loudeye. This acquisition is aimed at providing a music download service under Nokia’s own brand in 2007 and is expected to be completed in Q4, 2006.
“By acquiring Loudeye, Nokia can offer consumers a comprehensive mobile music experience, including devices, applications and the ability to purchase digital music,” Nokia said in a statement.
Loudeye has customers in over 20 countries, who include MSN Music Store, Deutsche Telekom and Coca Cola.
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