Following all necessary regulatory clearances, OSN+, a top provider of premium video streaming services, and Anghami Inc. (NASDAQ: ANGH) (“Anghami”), a top provider of music and entertainment streaming services, today announced the successful closing of their historic transaction.
At a valuation of $3.69 per share, or 1.9 times the closing price of the stock on Thursday, March 28th, OSN Group has acquired 55.45% of Anghami, giving it a majority stake. The business that emerges from this transaction will have more than 120 million registered users, roughly 2.5 million paying subscribers, and close to $100 million in revenue at closing.
Anghami’s extensive collection of over 100 million songs and podcasts is combined with OSN+’s premium and exclusive library of 18,000 hours of video content to form the combined entity. It will also gain from Anghami’s robust technology stack, offering a better streaming experience with hyper-personalization powered by AI and soon-to-be-announced best-in-class products.
Joe Kawkabani will continue to serve as CEO of OSN Group, while Elie Habib, co-founder and CTO of Anghami, will take the helm of the combined company as Anghami CEO.
