(08/01/16) 7digital to acquire French digital streaming music provider Snowite
B2B digital music provider 7digital is to acquire French digital streaming music service Snowite [SAS].
But, the transaction is still subject to a decision by the French Commercial Court due to Snowite currently being in a state of “Procédure de Sauvegarde” under French insolvency law – a procedure similar to Chapter 11 proceedings in the United States.
The formal completion of the acquisition is expected on or around March 30, 2016. According to 7digital, the reason for the announcement today is that the court proceedings and 7digital’s part in them will imminently be public.
Launched in 2006, Snowite provides services that are the same as those provided by 7digital and operates a similar technology platform from its base in Lille.
It operates principally in continental Europe and Africa, with customers including French retailers Fnac and E.Leclerc, as well as mobile entertainment publisher Cellfish and Universal Music Vivendi.