Bolton-headquartered AO board has agreed a deal to buy musicMagpie,  a Stockport, North West electronics retailer headquartered recommerce firm at £10million, a fraction of its market capitalisation at IPO in 2021, as it floated with a share price of 193p representing a market cap of £208 million.

musicMagpie’s directors have recommended the offer of 9.07 pence in cash per share to its shareholders and claim to have secured the backing of investors representing 54 per cent of the entire issued share capital.

The offer represents  a premium of 58 per cent to the closing price of 5.75p per share on 1^st October, musicMagpie’s present market cap is under £6.5million.

AO sells white goods online while musicMagpie sells reconditioned second-hand electronic including allowing people to trade in their devices like mobile phones.