BT Group is in talks to acquire fellow listed company musicMagpie.
The resale and rental marketplace for gadgets is led by CEO Steve Oliver, who founded the company with Walter Gleeson.
Increasingly seen as a circular economy champion, it started out as a reseller of CDs but now offers company subscriptions and rentals of gadgets such as smartphones and tablets.
In a statement to the London Stock Exchange, musicMagpie said it “confirms it is in early-stage discussions with both BT Group plc and Aurelius Group as to a possible offer to acquire the entire issued and to be issued share capital of musicMagpie”.
Aurelius is a private equity firm headquartered in Germany.
The statement continued: “Discussions between the parties are ongoing and remain at a very early stage. Accordingly, there can be no certainty that any offer for the company will be made from either of the parties, nor as to the terms of any such offer.”
Under listed company rules, BT and Aurelius have until 5pm on 18th December 2023 to either announce a firm intention to make an offer for musicMagpie or announce that they each do not intend to make an offer.