SiriusXM to Acquire Pandora for $3.5 Billion
09.24.18
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The Firm is representing SiriusXM (NASDAQ: SIRI) in connection with its agreement to acquire Pandora (NYSE: P) in an all-stock transaction valued at approximately $3.5 billion. The combination creates the world's largest audio entertainment company, with an enterprise value of over $41 billion and a combined listener base spanning over 65 million ad-supported listeners and over 40 million subscribers. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2019.
SiriusXM is the world's largest radio company measured by revenue. Pandora is the world's most powerful music discovery platform, where artists find their fans and listeners find music they love.
The Simpson Thacher team includes Eric Swedenburg, Ravi Purushotham, Joey Mayer and Tuca Bihari (M&A); Greg Grogan, Monisha Bhayana and Pinto Adhola (ECEB); Marcy Geller, Sophie Staples and C.J. Murray (Tax); Lori Lesser and Genevieve Dorment (Intellectual Property); Andy Keller and Lia Toback (Capital Markets); and Brian Steinhardt and Michael Vernace (Credit).