Anghami, the leading online music streaming platform in MENA, has confirmed that it is merging with Vistas Media Acquisition Company Inc. In case you’re not familiar with Vistas Media, it is a publicly-traded special purpose acquisition company.
With this merger, Anghami is on its way to becoming the first-ever Arab tech company to be listed on the Nasdaq. Meanwhile, as per estimates from reliable sources, the initial pro-forma enterprise valuation will stand at approximately $220 million.
“Today is a very exciting day for all of us at Anghami and our partners globally. Elie and I co-founded the company in 2012 with a vision for Anghami to be a first of its kind, digital media entertainment technology platform in the MENA region,” said, Eddy Maroun, Co-Founder and CEO of Anghami.
“The post-merger new entity will operate under the Anghami brand. For the uninitiated, Anghami was launched in 2012 as the first music streaming platform in MENA. Today, it is a market leader that offers more than 57 million songs to over 70 million registered users across the world.”