Anghami Inc. ANGH shares are trading higher Tuesday after the company announced that the OSN Group will invest in Anghami at a valuation of $3.65 per share.
The Details:
The deal will combine the two companies bringing together over 120 million registered users, more than 2.5 million paying subscribers with over $100 million in revenue at closing and transform Anghami into one of the region's largest streaming platforms. The deal is backed by a cash investment of up to $50 million from OSN Group.
Elie Habib, co-founder of Anghami and set to be the CEO of the combined business commented, "Joining forces with OSN+ is a leap in Anghami's journey to reinvent entertainment in the Arab World. We're bringing together technology, music and video to build a comprehensive media ecosystem. It's a chance to deepen our connection with our users and to create something they will truly love."
Shares of ANGH are moving on heavy trading volume following the company's announcement. According to data from Benzinga Pro, more than 37.9 million shares have been traded in the session, far exceeding the stock's 100-day average of just over 27 thousand shares.
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ANGH Price Action: According to Benzinga Pro, Anghami shares are up by 38% at $2.19 at the time of publication.
Image: Skullector Jeon from Pixabay
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