The European music company has signed a deal to buy the Swedish producer Briggs, the company announced Wednesday.
The deal, which was announced at the Billboard Music Awards, is valued at $2,4 billion, according to Billboard.
Briggs has been building its music division in Sweden and was planning to expand production capacity into Europe, but its expansion was stalled by the financial crisis, Billboard said.
The acquisition will add the Swedish company’s headquarters to its current headquarters in New York and will bring more than 3,000 employees to the U.S.
The company said in a statement that the deal would strengthen its ability to compete against the likes of Amazon and Google, which dominate the music industry in Europe.
The news comes on the heels of other recent acquisitions by Briggs and the European music giant, which have resulted in some of the biggest names in music including Taylor Swift, Bono and U2.
