DUBAI: Arabic music streaming service Anghami is set to become the first technology company from the region to list on New York’s Nasdaq stock exchange as part of a merger deal valuing the platform at up to $230 million.
Anghami – my tunes, in Arabic – is set to merge with Vistas Media Acquisition Co. Inc., a publicly traded special-purpose acquisition company. Often referred to as “blank check companies” in the industry, the merger is seen as a quicker and cheaper route to a Nasdaq listing.
The listing is expected to close at the end of May, early June and Vistas Media Acquisition Co. Inc. has already gathered $40 million in advance commitments, with $10 million from parent company, Singapore’s Vista Media Capital, and $30 million from the UAE asset management firm SHUAA Capital.
Music Business Worldwide
March 3, 2021
Prominent Middle Eastern Spotify rival Anghami has entered into a definitive merger agreement with publicly traded special purpose acquisition company (SPAC) Vistas Media Acquisition Company Inc.
The deal will result in Anghami listing on the NASDAQ in New York, with the combined company set to operate under the Anghami name and trade under the new symbol ANGH.
The transaction implies an initial pro-forma enterprise valuation of approximately $220 million, or 2.5x 2022 estimated revenues. The transaction is expected to close in Q2 of 2021.
Citing unnamed sources,
Bloomberg reports that Anghami could be valued at nearly $300m following the deal.
Anghami, the Abu Dhabi-based music-streaming service that claims over 70 million users, said it’s listing on the Nasdaq stock exchange in New York by merging with a blank-check company, setting the stage for one of the biggest investments into a Middle Eastern technology startup in years.
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