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Anghami mulls sale, capital increase: report
Posted on Monday, 13 January 2020 11:02
Anghami, billed as a leading on-demand music platform in the Middle East and North Africa (MENA) region, is weighing up a USD 400.00 million sale alongside a capital increase, Bloomberg reported. Sources with knowledge of the situation told the news provider the streaming service is weighing options, one of which may include handing itself over to direct-broadcast satellite provider Orbit Showtime Network (OSN). The two are already partners as last year Anghami entered into an agreement with OSN’s Wavo that included the ability to stream the final season of the hit series Game of Thrones through its service via a special launch-price subscription. It meant subscribers in MENA, but not globally, who pay the extra money were able to gain access to the episodes as they aired in the US, in full HD quality with Arabic subtitles, on smartphones, tablets, desktop computers and televisions. Along with reviewing a potential sale to OSN, Anghami is also considering hiring JPMorgan on an equity fundraiser to bankroll expansion, the sources told Bloomberg. However, an agreement with the Dubai-based pay-TV network would need to meet several conditions, the people added. None of the companies named in the report commented on the sale or capital increase when contacted by Bloomberg. Founded in 2012 by Eddy Maroun and Elie Habib, Anghami is a Cayman Islands limited liability company with affiliates and offices in Beirut and Dubai, according to its website. The business claims to be the leading music platform in the MENA region, with the largest catalogue, comprising more than 30.00 million songs available to over 70.00 million users. Anghami is funded and supported by regional venture capital firm Middle East Venture Partners. Zephyr, the M&A database published by Bureau van Dijk, shows 67 deals targeting the data processing, hosting and related services sector in MENA have been announced since the beginning of 2019. If a sale went ahead at the reported price of USD 400.00 million, it would be one of the five largest in this segment within the last 12 months. © Zephus Ltd