Nokia completed the acquisition of Loudeye Corp., a digital media distribution services company, the mobile giant said on Monday.
Loudeye common stock will no longer be publicly traded on the Nasdaq as a result of the acquisition by the Finnish-based mobile maker. Loudeye said each outstanding share will be converted into the right to receive $4.50 in cash.
â€œThis new team brings the enthusiasm and expertise that make experiences such as our recently announced Music Recommenders service possible. Our vision is to enable people to access all the music they want, anywhere, anytime and at a reasonable cost; this is driving the development of our music offering,â€ said Anssi Vanjoki, executive vice president and general manager of Multimedia, Nokia.
Nokia had previously stated in August that it would buy Loudeye for around $60 million in a bid to expand its mobile digital music facilities.
Nokia Nseries, a range of multimedia devices that allow consumer to access information and entertainment services, will be further developed following the acquisition of Loudeye Corp.