Pandora extends KKR investment closing to explore interest from investor | Reuters

Music streaming company Pandora Media Inc said on Thursday it would briefly extend the closing of private equity firm KKR & Co LP's $150 million investment to explore interest expressed by a strategic investor for a minority investment.U.S. satellite radio company Sirius XM Holdings Inc is looking to invest in Pandora, Reuters reported earlier in the day, citing people familiar with the matter.

KKR, which agreed last month to invest $150 million in Pandora, allowed the company a 30-day-period to look for an alternative deal. Pandora said on Thursday that KKR had agreed to the extension.

Sources had told Reuters that Sirius XM was racing to beat the Thursday deadline and clinch its own investment in Pandora.

KKR's investment gives the PE firm preferred Pandora stock that can be converted into common stock, cash, or a combination, at a conversion price of $13.50 per share.Pandora's shares were marginally down at $8.42 in early trading on Thursday. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Jun 08, 2017 22:33 PM

Also Watch

It's A Wrap: Omerta star Rajkummar Rao in conversation with Parul Sharma
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Thursday, April 19, 2018 Watch: National-level skater and coach Dhwanit Rele trains and nurtures budding athletes
  • Monday, May 14, 2018 FOMO Episode 1: Google Assistant, This is America, Sonam's wedding & Global Warming
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See