Anghami Inc. ANGH and OSN+ disclosed the successful completion of their landmark transaction after receiving all regulatory approvals.
The sweet confluence of melodies and moving pictures reached a crescendo as OSN Group acquired 55.45% in Anghami. This reverberated loudly, giving OSN+ the conductor’s baton with a majority stake at a melodious valuation of $3.69 per share, a symphonic 1.9x the stock’s closing price on the 28th of March.
This masterful transaction is anticipated to strike a chord, enriching a company with over 120 million registered fans, 2.5 million devoted subscribers, and a harmonious revenue harmony close to $100 million at closing.
With the strings of OSN+’s premium and exclusive video library intertwining seamlessly with Anghami’s symphonic catalog of over 100 million songs and podcasts, a harmonious blend is set to captivate audiences.
In this musical journey, Elie Habib, Anghami Co-founder and CTO, will lead the combined symphony as the incoming Anghami CEO, while Joe Kawkabani continues to play the role of OSN Group’s maestro, the CEO.
Price Performance: ANGH shares are currently tuning down by 8.29% at $1.79, striking a temporary dissonant note in the market orchestra.
Image sourced from Shutterstock
