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UAE-based online streaming platform OSN+ completes acquisition of majority stake in Anghami

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OSN+, a leading video streaming platform for premium content, and Anghami Inc. (NASDAQ: ANGH) (“Anghami”), a leading music and entertainment streaming platform, today announced the successful completion of their landmark transaction after receiving all regulatory approvals. 

Anghami, founded in 2011 by Eddy Maroun and Elie Habib, and OSN+, owned by Kuwait Projects Company Holding (KIPCO), announced in November their merger into one entity in a $50 million deal.

Following the deal, OSN Group now owns 55.45% of Anghami, giving it a majority stake at a valuation of $3.69 per share, 1.9x the closing price of the stock on Thursday, March 28th.

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This deal will result in a company with over 120 million registered users, circa 2.5 million paid subscribers, and close to $100 million in revenue at closing. 

Last month, Saudi Arabian media giant MBC Group acquired a 13.7% stake in Anghami.

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In August, Anghami, which went public on the US NASDAQ last year, raised a $5 million investment from Saudi VC firm SRMG Ventures. Anghami will remain listed on the NASDAQ.

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.

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Moreover, it will benefit from Anghami’s strong tech stack, delivering an enhanced streaming experience with AI-driven hyper-personalization and soon-to-be announced best-in-class products.

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.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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