Arab music streaming service merges with NASDAQ-listed SPAC

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A MENA-based music streaming service owned by a mix of venture capital firms, strategic investors, and private individuals, is being merged with a special purpose acquisition company (or SPAC). Shareholders of the SPAC, Vistas Media Acquisition Company (which is listed on New York’s NASDAQ stock exchange), approved the transaction to acquire Anghami last week. The deal, which reportedly values the streaming platform at $220 million, will close once customary conditions have been met. Once it completes, the company’s shares will trade under the ticker symbol ANGH.

Anghami was founded in Beirut by Elie Habib and Eddie Maroun nearly ten years ago, moving its headquarters to Abu Dhabi in 2021. The firm now employs over 12o people working in both locations as well as in offices in Cairo, Dubai, and Riyadh. According to the firm’s website, it offers its Arab music fans a catalog of more than 30 million songs to choose from and has built an audience of over 73 million users in the MENA region, Europe, and the USA who stream over 1 billion songs every month. The firm reports its revenues have grown by 80% in the last three years.

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