(Reuters) -Activist investor ValueAct Capital Management has taken a stake in Spotify Technology SA, the audio-streaming company confirmed on Friday.
“We welcome ValueAct as an investor in Spotify,” a Spotify spokesperson said. The company’s shares rose 3.5% to $125.
ValueAct Chief Executive Mason Morfit disclosed the investment during a presentation at a Columbia University event in New York on Friday, Bloomberg News reported.
The investment firm, known for working with management behind the scenes rather than pushing for change publicly, declined to comment.
(Reporting by Eva Mathews in Bengaluru; Editing by Shounak Dasgupta)