Anghami receives take-private OSN buyout offer

Anghami, one of the largest music streaming apps in the Middle East and North Africa, said it received a preliminary, non-binding offer from OSN Streaming (OSN), its Dubai-based controlling shareholder, to acquire all outstanding shares and delist from Nasdaq.

OSN, which owns 67 percent of Anghami, has proposed a $3.39-per-share cash purchase price, the company, which has headquarters in the UAE, said in a statement.

OSN expects to fund the acquisition with equity or other financing from its shareholders and their affiliates, the statement said, adding that the acquisition is not subject to a financing condition.

In November 2023, OSN became the majority shareholder in Anghami after investing $50 million in a merger.

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In response to the take-private proposal, the Anghami board has formed a special committee to review, evaluate and negotiate the proposal. The committee will also look at other potential strategic alternatives before determining the course of action.

Anghami shares closed at $3.25 on Nasdaq on July 1 and are down 18 percent year to date.

Founded in 2012 by Lebanese entrepreneurs Eddy Maroun and Elie Habib, Anghami operates in 16 countries across Mena, with offices in Beirut, Dubai, Cairo and Riyadh. Its user base exceeded 130 million and has more than 3.5 million paid subscribers.