Fluid Music Canada gets into Mood Media
Acquires European background music supplier for $206 milTORONTO -- Music distributor Fluid Music Canada has acquired European background music supplier Mood Media Group SA for $206 million.
Toronto-based Fluid Music will acquire all the outstanding shares and debt in the Luxembourg-based Mood Media, which supplies in-store music in 35 markets worldwide.
The deal, which includes a bought deal agreement with BMO Capital Markets, is expected to close by June 4.
Mood Media has 550 employees and annual revenue of $130 million.
Fluid Music, which intends to list its stock on London's AIM Exchange, is a private label music distributor providing background music and specialty CDs to a range of retailers, including Wal-Mart, Target, Costco and Bed Bath & Beyond.