Anghami Inc. (NASDAQ:ANGH) and OSN+ disclosed the successful completion of their landmark transaction after receiving all regulatory approvals.
As per the deal, OSN Group has acquired 55.45% in Anghami, giving it a majority stake at a valuation of $3.69 per share, 1.9x the closing price of the stock on Thursday, 28th of March.
This transaction is expected to result in a company with more than 120 million registered users, 2.5 million paid subscribers, and revenue close to $100 million at closing.
The combined company now possesses OSN+'s premium and exclusive library of 18,000 hours of video content with Anghami's catalog of over 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 continue to serve as OSN Group's CEO.
Price Action: ANGH shares are down 8.29% at $1.79 on the last check Tuesday.
Image sourced from Shutterstock