Anghami Inc, a music streaming platform and service in the Middle East and North Africa (MENA) and Vistas Media Acquisition Company Inc, have announced that they have entered into a definitive merger agreement that will result in Anghami becoming the first Arab technology company to list on NASDAQ.
The transaction implies a pro-forma enterprise value of US$220 million. The combined company will operate under the Anghami name and will trade under the new symbol ‘ANGH’. The transaction is expected to close in the second quarter of 2021.
Anghami is currently backed by leading MENA venture capital firms and strategic shareholders, including media groups and telecommunications companies that collectively own approximately 68% of Anghami, with the balance owned by the founders.
Eddy Maroun, Co-Founder and CEO, Anghami, said: “Today is a very exciting day for all of us at Anghami and our partners globally. Elie and I co-founded the company in 2012 with a vision for Anghami to be a first of its kind, digital media entertainment technology platform in the MENA region. Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on NASDAQ. Being a US listed public company gives us access to growth capital and a global platform that is the best in the world.”
Elie Habib, Co-Founder, Chairman and CTO, Anghami, added that: “We’re proud of the product and technology we’ve been able to build and now we will have the ability to invest more in R&D and innovate providing a product that goes beyond music to immersive experiences around media and entertainment while remaining relevant to our users and focused on our local edge.”
Sam Barnet, CEO, MBC, the Saudi Arabian media group and one of Anghami’s key shareholders, said: “MBC is extremely proud of the exceptional team at Anghami and we are honored to be a part of a huge success story for the region. The team has been committed to revolutionising the Arabic music industry through innovation and the best product in the market.”
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