AO World to Acquire musicMagpie for £10 Million; musicMagpie Stock Up 49%

Oct 3, 2024, 03:46 AM

AO World has agreed to acquire musicMagpie, a second-hand tech retailer, for £10 million. The deal, valued at approximately $13.3 million, will see AO World paying £9.07 per share in cash. This acquisition is expected to enhance AO World's consumer tech offering. The announcement has led to a significant increase in musicMagpie's stock, which rose by 49%. AO World's shares also saw a 3% increase following the news. The acquisition comes after musicMagpie had been on the market for nearly a year. However, the deal is considered steep at £24 million including debt.