Spotify’s prominent rival in the Middle East, Anghami, is set to become a NASDAQ-listed company.
In March 2021, Anghami entered into a definitive merger agreement with Vistas Media Acquisition Company, a publicly traded Special Purpose Acquisition Company (SPAC), with the agreement expected to result in Anghami listing on NASDAQ in New York. .
The way is now clear for this listing, which Anghami and VMAC to say will make Anghami the first Arab technology company to be listed on NASDAQ in New York.
At a special meeting on January 19, 2022, VMAC shareholders voted to approve the proposed merger, with approximately 98% of votes cast at the meeting in favor of the business combination.
According to a press release, the merger, which values Anghami at $220 million, “is expected to close upon satisfaction of closing conditions.”
Following the closing of the merger, the company is expected to begin trading on the NASDAQ under the symbol ANGH.
The transaction is expected to close “promptly after the special meeting of shareholders, according to a Form F-4 filed with the U.S. Securities and Exchange Commission in October,” subject to all other conditions to completion of the combination companies have been satisfied or waived.
Anghami is headquartered in Abu Dhabi, United Arab Emirates, and is currently backed by venture capitalists and strategic shareholders in the MENA region, including media groups and telecommunications companies who collectively own approximately 68% of Anghami, with the balance held by the founders.
Anghami also has offices in Beirut (where it was headquartered), Dubai, Cairo and Riyadh.
Founded in 2012, Anghami claims to be the leading music streaming platform in the MENA region and now has 70 million registered users with around 1 billion streams per month.
The service offers a catalog of more than 57 million songs.
Anghami has longstanding partnerships with all three major labels, including Universal Music Group, Sony Music and Warner Music Group.
Additionally, Anghami has established direct partnerships with 36 telecom companies in the MENA region to drive free user acquisitions and facilitate subscriptions achieving what it claims to be “the highest paying conversion rate in emerging markets”. .
The company’s international head of partnerships is Los Angeles-based music industry entrepreneur and manager Wassim “Sal” Slaiby, the CEO of XO Records (the label he co-founded with The Weeknd that he also manages) and SALXCO, his management company. .
Anghami says Slaiby has been instrumental in shaping global partnerships.
Arab News reports that VMAC shares Pink more than 20% in premarket trading on Friday (January 21).
In October, Anghami entered into a partnership with the popular mobile game PUBG MOBILE (PlayerUnknown’s Battlegrounds).
In December, Sony Music Entertainment Middle East (SME) launched a joint venture with Anghami.The music industry around the world