Prince Alwaleed bin Talal’s Kingdom Holding has completed a SAR1bn ($266.7m) deal to buy newly issued shares in the French music streaming service Deezer, the company said in a statement on Thursday.
Shares in Deezer will be bought through Kingdom Holding and Rotana Group, a Saudi-based entertainment company wholly owned by the Saudi billionaire which produces a series of channels covering music, cinema, religion, news and drama.
The statement did not provide any further details on the stake or the number of shares acquired.
Rotana and Deezer, which is available in 180 countries, also signed an exclusive long-term agreement to distribute Rotana’s popular audio and video content in the Middle East and North Africa.
“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders,” the statement quoted Prince Alwaleed as saying.
“The signing of this distribution agreement will move Rotana to the international arena.”
Prince Alwaleed, the kingdom’s most recognised business figure, was freed on Jan. 27 after being held at Riyadh’s Ritz-Carlton hotel for three months on the orders of his cousin Crown Prince Mohammed bin Salman as part of an anti-corruption crackdown.
Alwaleed, a nephew of Saudi King Salman, has investments in a number of international companies including Citigroup Inc and Twitter.