The boards of directors of AO World PLC and musicMagpie PLC are pleased to announce that, following delivery of the Court Order to the Registrar of Companies today, the scheme of arrangement between musicMagpie and the Scheme Shareholders under Part 26 of the Companies Act to implement the recommended cash acquisition of the entire issued and to be issued share capital of musicMagpie by AO Ltd, a wholly owned subsidiary of AO has become effective.
John Roberts, AO Founder and Chief Executive, said:
“To achieve our strategic ambition of becoming the destination for electricals, it is crucial for AO to enhance its consumer tech offering. A top-tier trade-in service will be essential, and musicMagpie represents a significant enabler in unlocking value through our reverse supply chain.
“Moreover, musicMagpie stands to leverage our existing supply channels, which could lower its cost of acquisition and allow us to scale refurbished technology with operational precision.
“musicMagpie’s commitment to customer satisfaction and its exceptional brand are closely aligned with our values, and our shared cultures create a strong foundation for collaboration.
“I am excited to welcome Steve and the musicMagpie team into the AO family and to realise the potential that our combined efforts can unlock.”