Setterwalls has advised Sleep Cycle in connection with the proposed acquisition of Audiowell for approximately SEK 2.3 billion

Setterwalls has advised Sleep Cycle AB (publ) and its independent directors in connection with the proposed acquisition of all shares in Audiowell AB for a purchase price of approximately SEK 2.3 billion.

The transaction constitutes a so-called reverse merger, whereby Sleep Cycle proposes to acquire all shares in Audiowell through a new issue of approximately 92 million new shares against non-cash consideration at a subscription price of SEK 24.50 per share. The transaction constitutes the next step in the shift towards the wellness market initiated after Altor, through Snark BidCo, completed its public takeover offer in July 2026 and became the new principal shareholder of Sleep Cycle. As Altor is also an indirect owner of Audiowell, the matter has been prepared and handled by Sleep Cycle’s independent directors.

Sleep Cycle is listed on Nasdaq Stockholm with its headquarters in Gothenburg. The company has developed a leading sleep tracking app leveraging patented sound technology and over 4 billion analyzed sleep sessions. Audiowell was founded in 2013 and is an independent record label and music publisher based in Stockholm, focusing on the production and distribution of lifestyle music via streaming platforms.