Spotify is nearing a deal to raise $400 million, valuing the music streaming service provider at $8.4 billion, The Wall Street Journal reported, citing people familiar with the matter.
The terms of the funding, Spotify's seventh, have been set and is expected to close in the coming weeks, one of the people told the Journal.
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Goldman Sachs and Abu Dhabi's sovereign wealth fund have agreed to invest in the round and Spotify has also held talks with asset managers and venture-capital firms, the Journal said, citing sources.
Spotify and Goldman Sachs could not immediately be reached for comment.