Anghami, a music streaming platform in the Middle East and North Africa, and Vistas Media Acquisition today announced a definitive merger agreement that will result in Anghami becoming the first Arab technology company to list on the Nasdaq.
The transaction implies a pro-forma enterprise value of $220 million. The combined company will operate under the Anghami name and will trade under new symbol ANGH.
The transaction is expected to close in Q2 of 2021.
Founded in 2012, Anghami is the first music-streaming platform in the Middle East/North Africa region. Anghami offers more than 57 million songs to more than 70 million registered users with around 1 billion monthly streams. With an Arabic speaking population of over 450 million globally, the company said a Nasdaq listing will enable it to scale the user base and invest in technology to build on its data play. Read more.
