Telia buys a piece of Spotify

Swedish-Finnish telecommunication company spends hundreds of millions of kroner to get into the music business

The Swedish-Finnish telecommunication company TeliaSonera has purchased a 1.4 percent stake in Spotify.

The deal will cost 760 million kroner.

It is not clear whether new shares were issued, or whether the shares were purchased from existing Spotify shareholders.

READ MORE: Telenor and TeliaSonera merge Danish operations

The acquisition follows more than five years of successful partnerships between the companies.