Oct 2 Reuters UK online electricals retailer AO World said on Wednesday it would buy the retailer of used smartphones and electronic products musicMagpie for about 10 million pounds 13.3 million to boost its mobile and consumer tech businesses.

The 9.07 pencepershare offer represents a premium of 58 to musicMagpie stock39;s closing price on Tuesday.

With highly complementary business models, this acquisition will enable us to broaden our customer offerings while simultaneously advancing our sustainability objectives, AO World nonexecutive Chair Geoff Cooper said in a statement.

The musicMagpie board has unanimously recommended shareholders to vote in favour of the deal.

Last year, telecoms group BT and investment firm Aerilius Group dropped out of their separate pursuit of musicMagpie, without citing a reason for doing so.

1 0.7534 pounds

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich

Source Reuters