Songtradr, Inc. reached an agreement to acquire 7digital Group plc (AIM : 7DIG) from a group of sellers and others for £22.6 million on February 8, 2023. The acquisition is intended to be implemented by means of as scheme of arrangement. Under the terms of the acquisition, each 7digital shareholder will be entitled to receive 0.695 pence in cash for each 7digital share. The cash consideration payable by Songtradr under the terms of the scheme will be funded from its existing cash resources. Following completion, the Interim Chairman, Chief Financial Officer and Non-Executive Directors of 7digital will step down from 7digital. Paul Langworthy ,Chief Executive Officer of 7digital will join Songtradr's executive team. The senior leadership team from 7digital will integrate into the combined group.

Songtradr has received irrevocable undertakings to support the transaction from the 7digital Directors, certain institutional and other 7digital shareholders, in respect of a total of 1,865,779,656 7digital shares, representing, in aggregate, approximately 68.54% of the ordinary share capital of 7digital. The 7digital Directors unanimously recommend the scheme. The scheme is subject to 7digital shareholders approval at the Court Meeting and General Meeting, third party clearance and needs to be sanctioned by the Court. The offer is subject to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange and the AIM RulesSubject to the satisfaction or (where applicable) waiver of the conditions, the scheme is currently expected to complete during the first quarter of 2023. As of March 1, 2023, the Scheme is expected to become effective on March 30, 2023. As of March 30, 2023, Court had sanctioned the scheme.

James Dance, Matthew Chandler, Richard Johnson and James Harris of Strand Hanson Limited acted as financial advisor and Charles Russell Speechlys LLP acted as legal adviser to 7digital. Tim Medak, Kate Bannatyne and Cara Murphy of Liberum Capital Limited acted as financial advisor and RBG Legal Services Limited, trading as Memery Crystal, acted as legal adviser to Songtradr. Link Asset Services is registrar of 7digital.