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Mideast Spotify Challenger Anghami Approaches SPAC Merger

(Bloomberg) – Anghami, the Abu Dhabi-based music streaming service that claims greater than 70 million customers, stated it was listed on the Nasdaq Inventory Trade in New York Metropolis by merging with a clean test firm, paving the way in which for one of many greatest investments in a Center Jap tech start-up in years. Anghami, in Arabic for ‘my tunes’, merges with Vistas Media Acquisition Firm Inc., an acquisition firm in particular vocation created final 12 months, he stated in a Wednesday assertion confirming a earlier Bloomberg e-newsletter. The deal marks the primary itemizing on the Nasdaq in New York by an area Center Jap tech firm. After the deal, Anghami might be valued at almost $ 300 million, folks conversant in the matter stated, declining to be named. The transaction features a mixed $ 40 million pledge from UAE finance firm Shuaa Capital and sponsor mother or father firm SPAC in so-called PIPE financing – non-public funding in public capital – The music platform will use a portion newly raised funds to recruit. and spend money on content material in markets like Saudi Arabia and Egypt, based on Elie Habib, certainly one of Anghami’s two founders. . “We need to have a deeper penetration into excessive progress, excessive revenue markets,” he stated. A profitable itemizing of Anghami would add to a sequence of main expertise offers within the Center East that started with acquisitions of native companies by Uber Applied sciences Inc. and Inc. PSPCs are sometimes fashioned to permit non-public corporations to lift recent funds to develop and go up on the market straight with out having to undergo the costly and time-consuming preliminary public providing course of. startups attracted round $ 1 billion in funding in 2020, 13% greater than the earlier 12 months, based on Dubai-based Magnitt Inc., Anghami moved its headquarters from Lebanon to the capital of the United Arab Emirates in the beginning this 12 months in partnership with the Abu Dhabi Funding Workplace. It was a coup for Abu Dhabi, which was courting tech corporations and startups as a part of its efforts to diversify the oil-dependent economic system. Anghami, based in Beirut in 2012, has turn out to be one of many platforms hottest streaming media within the area. It delivers round 1 billion streams per thirty days, delivering 57 million songs to over 70 million registered customers. With workplaces within the Arab world, Anghami fights for regional hegemony with Spotify Know-how SA and Deezer SA Anghami’s shareholders embody regional enterprise capital corporations and strategic shareholders, equivalent to Center East Enterprise Companions, Samena Capital, Emirates Built-in Telecommunications Co., MBC Group and Etihad Etisalat Co. Collectively they personal round 68% of the corporate with the rest managed by the founders.VMAC is headed by CEO F. Jacob Cherian, a former companion of JPMorgan Chase & Co., and co-founders Abhayanand Singh, head of the Singapore-based media funding agency behind SPAC, and Saurabh Gupta, former banker and co-producer of a number of movies. Vistas started buying and selling on the Nasdaq inventory change in August after its $ 100 million IPO. time. Extra just lately, Shuaa Capital additionally invested within the music platform. Dubai, deNovo Company Advisors acted as monetary advisor to VMAC and its mother or father firm Vistas Media Capital. essentially the most dependable supply of enterprise data. © 2021 Bloomberg LP

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