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Subscription audiobook and ebook streaming service Storytel has bought Sweden’s oldest publisher, Norstedts Förlagsgrupp, for £12.5m from Swedish co-operative union and retail group KF (Kooperativa Förbundet).
The acquisition is the latest in a number of deals for Storytel in the company's bid to “speed up growth". Last month, it bought Danish ebook and audio streaming service Mofibo for £10m, and it also acquired Swedish publishers Massolit Förlag and B Wahlströms Bokförlag in 2015. The purchase of Norstedts has been financed by bank loan.
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