Anghami Inc. (ANGH), a music and entertainment streaming platform, said on Tuesday that entertain company, OSN Group has acquired 55.45 percent in Anghami for $3.69 per share, 1.9x the closing price of the stock on March 28.
The acquisition now has allowed the Group to create new entity by merging Anghami with its OSN+, a video streaming business.
This deal will result in a company with over 120 million registered users, around 2.5 million paid subscribers, and close to $100 million in revenue at closing.
The combined entity brings together OSN+'s premium and exclusive library of 18,000 hours of video content with Anghami's rich catalog of more than 100 million songs and podcasts.
Elie Habib, Anghami Co-founder and CTO, will lead the combined entity as incoming Anghami CEO, while Joe Kawkabani will remain as OSN Group CEO.
For comments and feedback contact: editorial@rttnews.com
Business News