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Nokia To Acquire Loudeye
By: Gagan Gupta   |   Aug 10,2006
Nokia and Loudeye Corp., a provider of digital music platforms and digital media distribution services, have signed an agreement for Nokia to acquire Loudeye for approximately USD 60 million. Under the terms of the agreement, Loudeye stockholders will receive USD 4.50 per share in cash for each share of Loudeye common stock. By acquiring Loudeye, Nokia can offer consumers a comprehensive mobile music experience, including devices, applications and the ability to purchase digital music.

"Music is a key experience for Nokia and Nokia Nseries multimedia computers and we want to be able to offer the best fully integrated mobile music experience to our customers. Loudeye brings a number of key assets to Nokia, including a great team of people, a substantial content catalogue and a robust service platform that will help us to achieve this objective," said Anssi Vanjoki, executive vice president and general manager, Multimedia, Nokia.

"This agreement recognizes the key roles that Loudeye and our people play in the digital mobile music market, and reflects the power of our products, our team and our technology," said Michael Brochu, president and chief executive officer of Loudeye.

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