GP Bullhound, the technology investment bank, has acted as the exclusive financial advisor to we7, the digital music business, on its sale to Tesco for £10.8m. GP Bullhound previously advised the company on its series D fund raising in June 2011. Exiting shareholders include co-founder Peter Gabriel and institutional investors Eden Ventures, Qualcomm Ventures and Pentech Ventures. Tesco, the world's third-biggest retailer, bought we7 as part of its strategy to build a strong franchise in the digital entertainment market following the Blinkbox acquisition last year.
we7 is a leading free-to-listen, personalised internet radio service where customers can listen to the music they love and discover new music that they might like, based on their previous selections. With an extensive library of 11 million tracks, we7 offers the latest releases, well-known classics and a comprehensive catalogue of all music genres.
Steve Purdham, CEO of we7 commented “We have got to know the GP Bullhound team very well over the last two years – both through our fundraising and now the trade sale. Their involvement alongside the Board was key in keeping up momentum in the sale process, negotiating the terms and in ironing out all the wrinkles needed to get the deal done.”
This represents the completion of GP Bullhound’s second deal this week after advising HMV on the sale of its stake in Anobii to Sainsbury’s. These two deals further underline our leadership position in the digital media sector.
About GP Bullhound
GP Bullhound is a leading investment banking firm providing advice on mergers & acquisitions and institutional capital-raising to emerging growth companies in the Technology sector.The firm was established in 1999 and has a proven track record with over 100 completed M&A and Private Placement transactions on behalf of leading global entrepreneurs and business builders. The firm’s international team, comprised of some of the most experienced technology advisory professionals, together with its dedicated approach has helped establish its leading global position. GP Bullhound has strong domain expertise in the areas of Internet and Digital Media, Software and Services, CleanTech and Hardware, with a focus on providing pre-eminent advisory services to some of the best entrepreneurs, management teams and investors around the globe.
GP Bullhound LLP is authorised and regulated by the Financial Services Authority, registered in England & Wales no. OC352636 at 52 Jermyn Street, London SW1Y 6LX
GP Bullhound Inc. is regulated by the Financial Industry Regulatory Authority (FINRA)