Mexico's TV Azteca, a unit of Grupo Salinas, is investing in music streaming company Deezer with an agreement that includes an equity stake and commercial partnerships, the companies said in a statement on Thursday.
Paris-based Deezer said the agreement, including commercial partnerships and access to TV Azteca's production capabilities, is estimated to have a $40 million value.
Elektra Group stores will sell vouchers to the music streaming service, the joint statement said. Deezer's Chief Commercial Officer Laurence Miall-d'Août did not disclose the size of the Mexican group's stake in Deezer resulting from the deal.
But Deezer said the agreement raised its valuation by 30% compared to its last funding round in 2018, to $1.4 billion.
Deezer already has significant operations in Brazil and wants to expand to other countries in Latin America, such as Mexico, Colombia and Argentina, Deezer CEO Hans-Holger Albrecht
said.
(Reporting by Tatiana Bautzer; Editing by David Gregorio)
