Music licensing firm Songtradr has long had an eye for an acquisition: Big Sync Music in 2019, CueSongs in 2020, Pretzel in 2021, and Musicube in 2022 being just a few examples.
Now its wallet is opening again, with an agreed deal to acquire B2B music firm 7digital. We say ‘agreed’ because 7digital is a public company, so while its board are backing the acquisition, it will now to go shareholders for approval.
Songtradr is proposing to pay 0.695p per share, which is a significant bump on 7digital’s closing price of 0.325p per share on 7 February, the day before the deal was announced. It values the company at around £19.4m ($23.5m).
“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,” said Songtradr CEO Paul Wiltshire.
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