OSN and Anghami announce the completion of the merger deal into one media platform
OSN+, a digital streaming platform based in the UAE, and the music streaming app Anghami Inc, founded in Lebanon, have officially announced their merger into a single media group after completing the deal and obtaining all regulatory approvals.
OSN+ now holds 55.45% of Anghami, giving it a majority stake valued at $3.69 per share.
Anghami was founded in 2011 by Eddy Maroun and Elie Habib, while OSN+, owned by Kuwait Projects Company Holding (KIPCO), holds a larger share in Anghami.
In November, the two companies announced their merger into one entity in a deal worth $50 million.
Last month, the Saudi media giant MBC Group acquired a 13.7% stake in Anghami.
In August, Anghami, which went public on the NASDAQ stock exchange last year, received a $5 million investment from Saudi company SRMG Ventures.
In a press release, OSN+, a leading video streaming platform for premium content, and Anghami Inc.
(NASDAQ: ANGH), a leading music and entertainment streaming platform, announced the successful completion of their significant deal after obtaining all regulatory approvals.
The OSN Group has acquired a 55.45% stake in Anghami, giving it a majority share valued at $3.69 per share, which is 1.9 times the closing price of the share on Thursday, March 28.
This deal will create a company with over 120 million registered users and approximately 2.5 million paid subscribers, with revenues approaching $100 million at closing.
The merged entity will combine OSN+’s exclusive premium video library of 18,000 hours with Anghami’s rich index of over 100 million songs and podcasts.
Additionally, the company will benefit from Anghami’s powerful technological tools, allowing for an enhanced streaming experience using AI-driven customization and soon-to-be-announced industry-leading products.
Elie Habib, co-founder of Anghami and Chief Technology Officer, will lead the new merged entity as its CEO, while Joe Kawkabani will remain CEO of the OSN Group.
