By Dominic Chopping
STOCKHOLM--Nordic telecommunications operator Telia Co. AB (TELIA.SK) said late Thursday that it has sold its entire holding in Spotify Technology SA to institutional investors for $272 million.
The company sold the stake in several steps over some time and the return on investment totaled around 2.4 times, Telia said.
The two companies teamed up in October 2009 through an exclusive agreement whereby Telia included Spotify Premium in its offerings. The partnership was expanded in June 2015 when Telia Company paid $115 million for a 1.4% stake in Spotify.
"Spotify has been a fantastic investment for Telia Company, both from a direct return and a partnership perspective," Telia Company Chief Executive Johan Dennelind said.
The music-streaming company is due to begin trading on the New York Stock Exchange Tuesday.
Write to Dominic Chopping at firstname.lastname@example.org; Twitter: @domchopping @WSJNordics