Mergers and Acquistions News
Categories: Software
September 16th 2008, 10:59AM
Technology and entertainment retailer Best Buy announced on Monday that it is to purchase digital download company Napster for an aggregate price of about $121 million (£67.8 million).
The company has made a tender offer of $2.65 in cash for all outstanding Napster shares, with the deal expected to close during the last three months of the year.
Commenting on the proposals, Brian Dunne, Best Buy's president, remarked: "This transaction offers Best Buy a recognised platform for enhancing our capabilities in the digital media space and building new, recurring relationships with customers."
For its money, Best Buy will receive Napster's mobile technology, online service platform and customer base of 700,000 subscribers.
Napster is one of the biggest names in the world of digital downloading and was at the forefront of the industry when it first began to emerge a decade ago.
Its peer-to-peer website was shut down in 2001 by a court order, but it has continued to operate legally as a pay service.
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