LONDON, UK: Songtradr Inc. reached agreement on the terms and conditions of a recommended all cash offer for the entire share capital of 7digital Group at the rate of 0.695 pence/share in cash translating into £19.40 million on a fully diluted basis. 7digital Group is the service provider of B2B end-to-end digital music solutions.
Songtradr is one of the world’s largest B2B music licensing companies, delivering music solutions to music rights holders as well as brands, agencies, digital platforms and content creators. The Songtradr platform is a B2B music licensing marketplace and its technology is designed to connect music rights holders such as artists, labels, and publishers with brands, advertisers, video games, digital platforms and content creators.
Commenting on the offer, Paul Langworthy, CEO of 7digital, said: “We are pleased to recommend this Offer to be made by Songtradr as it is beneficial to both the operations of the Company and our shareholders.
Songtradr’s ambition for the business matches our own and there is strong strategic alignment on how best to drive growth for the Combined Group, as well as how best to serve the needs of a growing B2B market.
The Offer recognises the underlying value of the Company, providing all 7digital Shareholders with the opportunity of a certain cash exit at an attractive premium to the prevailing market share price. We firmly believe that as part of the Combined Group, 7digital will have access to the capital, support and scale it needs to achieve its full potential.”
Paul Wiltshire, CEO of Songtradr, said: “Having closely followed 7digital’s evolution for a long time, we are delighted to have reached agreement to combine our businesses, expanding our position in the B2B music licensing and technology ecosystem. We are very excited with respect to what our collective team will be able to achieve in delivering an enhanced offering for our clients and to help shape the future of music licensing.”