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US: Pandora looking to find buyer in 30 days

By  |  May 9, 2017

Pandorais actively trying to sell itself and believes it can get a deal done within 30 days, sources told CNBC.

KKR — an investment firm known for its private equity and hedge funds — said on Monday that it plans to invest $150 million in Pandora in exchange for new shares of preferred stock, a deal that will close in 30 days.

The sources said Pandora thinks the KKR investment makes a sale more likely to happen, though Pandora has declined to comment.

If Pandora sells itself within that 30 days, it would have to pay KKR $15 million. But sources said the company views that money as an insurance policy of sorts that effectively gives the company a 30-day option to sell itself — which it thinks it can do.

Full Content: CNBC

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