Telia sold its stake in Spotify ahead of the music streaming service’s stock exchange debut, which saw its share price fall on the opening day of trading.
Last week, Telia said it had concluded the sale of its entire stake for $272 million, which equates to a 2.4-fold return on investment.
The operator said it had been divesting its shareholding to institutional investors “in several steps over some time”.
The two companies have a relationship dating back to 2009, when Telia began to include Spotify in its bundles.
In 2016, Telia launched a Spotify-based service called CoPlay that created playlists based on users’ listening habits.
The service was one of the apps used to launch the operator’s smart home service Telia Zone.
Spotify opted for a direct listing, as opposed to a tradition IPO, whereby shares could only be acquired on the first day of trading.
The stock opened at $168 per share in New York yesterday (3 April) but had fallen to $149 by the close.
Johan Dennelind, President and CEO of Telia Company, said: “We wish Spotify all the best in its next phase as a truly global listed company.
“Spotify has been a fantastic investment for Telia Company, both from a direct return and a partnership perspective.”