BT Group reportedly dropped its interest in making an acquisition play for trade-in specialist musicMagpie, around a week after it emerged the company had entered into preliminary talks about a buy-out.
BT told Reuters in a statement it had decided not to pursue a deal for the UK-based trade-in company, which buys, sells, refurbishes and recycles old mobile handsets, consoles, laptop PCs and other electronics.
Last week, BT stated it had entered into early stage discussions in partnership with investment company Aurelius Group, with the view of a potential buyout of the company. However, it did also caution that an offer may not be made and no potential valuation details were given.
MusicMagpie itself also set a deadline of 5pm on 18 December for a firm offer to be made. The trade-in company told Reuters it would continue to seek buyers, despite BT ending its interest.
CCS Insight director of consumer and connectivity Kester Mann noted BT’s interest “was a bit of a surprise” when news of talks were revealed, but added it could be part of EE’s recently unveiled strategy to make a bigger push into consumer electronics.