The agreement will result in Anghami becoming the first Arab technology company to list on Nasdaq New York
MENA music streaming platform Anghami announced that it is merging with US-based Vistas Media Acquisition Company, a publicly traded special purpose acquisition company.
The agreement will result in Anghami becoming the first Arab technology company to list on Nasdaq in New York, a statement said.
The transaction implies an initial pro-forma enterprise valuation of approximately $220m, or 2.5x of 2022 estimated revenues. The combined company will operate under the Anghami name and will trade under the new symbol ANGH.
The transaction is expected to close in Q2 of 2021.
Dubai-based Shuaa Capital and Singapore based Vistas Media Capital have gathered commitments of a combined $40m in a PIPE – private investment in public equity – deal (Shuaa committed $30m and Vistas committed $10m).
Anghami’s management team led by co-founder and CEO Eddy Maroun will continue to operate and manage Anghami following the transaction, while co-founder and chairman Elie Habib will continue as the CTO.
Elie Habib, co-founder, chairman and CTO of Anghami, said: “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.”
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