Aspiro acquisition complete

Jay-Z wins control of Aspiro after more than 90% of shareholders accepted the star’s $54m offer. A spokesman for Project Panther Bidco, says all the conditions for completing the acquisition have now been met. The offer is  declared unconditional on Friday and Aspiro will be delisted from the Nasdaq Stockholm exchange.

Aspiro had 500,000 paying users for its streaming services at the end of 2014, which includes 35,000 subscribers for its “lossless” HiFi-quality music service that is available in the UK under the Tidal brand, a service that costs £19.99 a month – double the price of Spotify in the UK. The company had posted a net loss of $5m for the last three months of 2014, and admitted that it could run out of money at some point this year. The company plans to launch Tidal in 22 countries, mostly in Europe, by the end of March.