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.