Vistas Media Capital-led SPAC, Anghami enter definitive merger

Anghami will become the first Middle East tech company to list on NASDAQ.

Music streaming platform Anghami has entered into a definitive merger agreement with Vistas Media Acquisition Company, a publicly traded special purpose acquisition company (SPAC) led by Singapore-based Vistas Media Capital (VMC).

The merger will result in Anghami becoming the first Middle East technology company to list on NASDAQ in New York.

“We have taken a significant step forward in our growth plans in seeking to become the region’s first technology company to list on NASDAQ. Being a US-listed public company gives us access to growth capital and a global platform that is the best in the world,” Anghami CEO Eddy Maroun said.

The transaction implies an initial pro-forma enterprise valuation of approximately $220m, or 2.5 times 2022 estimated revenues; it is expected to close in Q2 of 2021.

“The demand for quality content has always been higher than supply, be it audio, video, or gaming content. Our mission is to keep closing that gap with our portfolio,” VMC Singapore group CEO Abhayanand Singh said.

Anghami is currently backed by leading Middle East and North Africa venture capital firms and strategic shareholders, including media groups and telecommunications companies that collectively own approximately 68% of Anghami, with the balance owned by the founders.