TORONTO, May 7 (UPI) -- Mood Media of Toronto says it has completed its acquisition of the iconic Muzak company, making it the world leader in in-store music.
The combined companies will reach more than 100 million people daily in some 470,000 commercial locations worldwide, Mood Music said in a news release.
Combined revenues were pegged at $400 million during the last 12 months, Mood Music said.
"We are delighted to complete this transformative acquisition, which enables us to become a truly global leader in this space," said Mood Media Chairman and Chief Executive Officer Lorne Abony.
Along with mellow music, Mood Media provides stores with visual and "scent media" that encourages shoppers to pull the trigger on in-store purchases.
The closing of the Muzak deal also involved a new $20 million revolving credit facility with Credit Suisse Securities that will also refinance Mood Music's existing bank debt, officials said.