KKR to invest $150 mln in Pandora

KKR is investing $150 million in Pandora. The deal calls for KKR to buy an aggregate of $150 million in a new designated Pandora Series A convertible preferred stock. KKR can increase the deal to a total of $250 million in Pandora stock. The Series A preferred stock is convertible into common stock, cash or a combination thereof at a conversion price of $13.50 per share. Pandora, of Oakland, California, is a music streaming and automated music recommendation service.

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