OSN+ and Anghami Successfully Complete Milestone Transaction, Creating an Entertainment Powerhouse

Dubai, UAE - Apr 1, 2024

The transaction has received all required regulatory approvals for successful closure

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