Concord has officially closed on its deal to acquire music distribution platform Stem, the companies announced Monday.

The Hollywood Reporter first reported on the deal earlier in March. Neither Stem nor Concord disclosed financial details of the agreement, though they specified the deal encompasses only Stem’s distribution business, not Stem’s parent company, Stem Disintermedia, or its financial services company Tone.

Speaking with THR, Stem founder and CEO Milana Lewis and Concord Label Group chief executive Tom Becci say the companies had been casually talking for years, but that they began discussing the acquisition in earnest last July.

Concord is one of the largest independent music companies in the industry, with its portfolio including record labels such as Rounder, Loma Vista and Pulse Records, as well as a publishing arm whose catalogs include Rodgers & Hammerstein, Kiss, Daddy Yankee and Phil Collins.

Lewis says she made the deal with Concord...