About the Client
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.
About the Deal
GP Bullhound acted as the exclusive financial advisor to we7 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.
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.”