Associates of personal fairness agency Expertise Crossover Ventures (TCV) bought practically 300,000 shares of Spotify on Tuesday (Might 6), with a mixed market worth of about $189.6 million.
The gross sales had been disclosed in 5 separate Kind 144 filings with the US Securities and Change Fee on Tuesday, as noticed by MBW.
TCV is an early investor in Spotify, reportedly backing everything of the corporate’s $250 million funding spherical in 2013. That elevate valued Spotify at above $4 billion.
In line with the brand new filings, the most important sale got here from TCV XI, L.P., which bought 194,009 shares valued at $123.7 million. Three different associated entities additionally disclosed Spotify divestments:
- TCV XI (A), L.P. bought 61,577 shares for $39.3 million
- TCV XI Member Fund, L.P. bought 13,447 shares for $8.6 million
- TCV XI (B), L.P. bought 13,725 shares for $8.8 million
- TCV XI (Lux), SCSp bought 14,565 shares for $9.3 million
All shares are categorised as frequent inventory and had been bought via Morgan Stanley & Co. LLC. The filings point out that each one shares had been beforehand acquired through open market purchases in 2022.
The gross sales sign a big liquidation of Spotify holdings by TCV, a longtime investor within the streaming big. The TCV-related entities didn’t report any important gross sales within the final 5 years.
Following the 2013 Sequence F, TCV additionally reportedly took half in Spotify’s fundraising in 2015 that secured $526 million from TCV, Goldman Sachs, GSV Capital, Rinkelberg Capital, Teliasonera and extra.
TCV, which invests in digital and content material firms, additionally led a $250 million funding spherical for Vice Media in September 2014. The next yr, TCV took half in a $60 million funding spherical for Imagine Digital, now generally known as publicly listed digital music firm Imagine.
TCV can also be a part of a consortium led by Imagine founder and CEO Denis Ladegaillerie which plans to amass the remaining shares of Imagine from public shareholders. As MBW beforehand famous, TCV at present holds 96.65% of Imagine‘s share capital privately, whereas the sub-4% the rest of Imagine’s inventory is held by public shareholders on the Paris Euronext.
TCV has to this point invested over $18 billion in additional than 350 tech firms and backed over 150 IPOs and strategic offers.
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