LONDON (Alliance News) - Shares in 7digital Group PLC surged on Thursday as the company announced the sale of its Danish business for EUR1.4 million.
The digital music firm is selling 7digital ApS to TDC Group, which it said is the largest telecommunications firm in Denmark.
7digital said the technology owned by the subsidiary was only used by one customer, making the business unprofitable for 7digital.
Chief Executive John Aalbers added: "We're pleased TDC, a valued client of more than a decade, will continue to benefit from the assets (both technology and staff) that this deal covers."
"The sale of bespoke technology is part of 7digital's renewed focus on providing standardised products that can be implemented quickly for a variety of customers."
Shares closed up 53% in London Thursday at 0.29 pence each.