Business
Anghami and OSN+ Successfully Complete Milestone Transaction, Creating an Entertainment Powerhouse
The transaction has received all required regulatory approvals for successful closure OSN Group's investment in Anghami gives it a majority stake at a
About this update from Anghami Inc.
[{"type":"text","content":"The transaction has received all required regulatory approvals for successful closure \nOSN Group's investment in Anghami gives it a majority stake at a valuation of $3.69 per share\nABU DHABI, UAE, April 2, 2024 /PRNewswire/ -- Anghami Inc. (NASDAQ: ANGH) (\"Anghami\"), a leading music and entertainment streaming platform, and OSN+, a leading video streaming platform for premium content, today announced the successful completion of their landmark transaction after receiving all regulatory approvals.\n\n \n \n \n \n \n \n\n \nOSN Group has acquired 55.45% in Anghami, giving it a majority stake at a valuation of $3.69 per share, 1.9x the closing price of the stock on Thursday 28th of March. This deal will result in a company with over 120 million registered users, circa 2.5 million paid subscribers and close to $100 million in revenue at closing.\nThe combined entity brings together OSN+'s premium and exclusive library of 18,000 hours of video content with Anghami's rich catalog of more than 100 million songs and podcasts. Moreover, it will benefit from Anghami's strong tech stack, delivering an enhanced streaming experience with AI-driven hyper-personalization and soon to be announced best-in-class products.\nElie Habib, Anghami Co-founder and CTO, will lead the combined entity as incoming Anghami CEO, while Joe Kawkabani will remain as OSN Group CEO.\nAbout Anghami\nThe first, most-established and fastest-growing music technology platform in the Middle East and North Africa region, Anghami is the go-to destination for Arabic and International music, podcasts and entertainment. With an extensive ecosystem of music, podcasts, events and more, Anghami provides the tools for anyone to create, curate and share their voice with the world. Launched in 2012, Anghami was the first music-streaming platform in MENA to digitize the region's music. Today, it has the largest catalog comprising more than 100 million songs and licensed content from leading Arabic labels, independent artists and global distributors, available for 120 million registered users. Anghami has established 40+ telco partnerships to facilitate subscriptions and customer acquisitions, in parallel to building long-term relationships with, and featuring music from, major music labels including Universal Music Group, Sony Music Entertainment, Warner Music Group and the Mer...