Nokia and Loudeye Corp. have announced that they have signed an agreement for Nokia to acquire Loudeye for approximately $60 million. Loudeye is a global provider of digital music platforms and digital media distribution services. Under the terms of the agreement, Loudeye stockholders will receive $4.50 per share in cash for each share of Loudeye common stock.
The transaction is expected to be completed in the fourth quarter of 2006. Closing of the transaction is subject to satisfaction of a number of conditions, including approval of Loudeye's stockholders, regulatory approvals, obtaining consents from third parties to the continuation, modification, extension, and/or termination of certain specified contracts, and the absence of a material adverse effect in Loudeye's business or operations.