Sweden’s TeliaSonera is buying a 1.4 percent stake in online music streaming service Spotify after more than five years of partnership, the telecoms operator said on Wednesday.

TeliaSonera said it will pay $115 million for the stake in Spotify, a Stockholm-based unlisted business that provides free on-demand music or an advertisement-free service for paying customers, valuing the company at about $8.2 billion.

Spotify, which competes with Pandora Media Inc and Apple Inc’s Beats, said this year that it had reached 15 million subscribers and 60 million active users.

The company, which last year increased revenue by 45 percent to top 1 billion euros ($1.1 billion), recently announced that it would soon provide video content from musicians, news organizations and TV networks.

Spotify does not disclose details about its ownership but co-founders Daniel Ek and Martin Lorentzon have sold stakes in the business and no longer own a majority.

($1 = 0.8846 euros)

(Reporting by Helena Soderpalm; Editing by Simon Johnson and David Goodman)

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