: Spotify boosting audiobook presence with Findaway acquisition

United States

Spotify Technology SA SPOT, +2.57% said late Thursday it has agreed to acquire digital audiobook distributor Findaway for an undisclosed price.

Spotify shares rose 0.6% after hours, following a 2.6% gain to close the regular session at $ 276.65.

“The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition,” said Gustav Söderström, Spotify chief research and development officer, in a statement. 

Spotify said Findaway will maintain its headquarters in Solon, Ohio, and be led by founder Mitch Kroll, who will report to the head of audiobooks at Spotify, Nir Zicherman.

Spotify expects the transaction to close in the fourth quarter.