Lebanese music streaming app Anghami announced today, Wednesday, that it will become the first Arab tech company to list on the Nasdaq after agreeing to merge with a special purpose acquisition company (SPAC).
Anghami is merging with Vistas Media Acquisition Company Inc., a special purpose acquisition company set up last year. Reuters reported that the deal implies an enterprise value of about $220 million.
“Being a U.S. listed public company gives us access to growth capital and a global platform that is the best in the world,” says Anghami co-founder and CEO Eddy Maroun. The transaction includes a $30 million commitment from UAE financial firm Shuaa Capital SHUA.DU and $10 million from the parent of the SPAC.
With more than 70 million registered users, UAE-based Anghami has signed deals with the likes of Universal Music Group, Sony Music and Warner Music Group. Over the past three years, Anghami’s revenues jumped 80% and are expected to increase five-fold over the next three years.
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