MENA region’s leading music streaming platform Anghami is reportedly close to being listed on the Nasdaq stock exchange in New York by merging with a blank-check company, paving the way for one of the largest investments in Middle Eastern technology startup.
According to the sources, Anghami has been holding talks with Vistas Media Acquisition Company, a special purpose acquisition company set up last year, and a deal may be announced as early as possible. This deal will mark the first listing of a home-grown Middle Eastern tech company on the Nasdaq in New York.
If the deal goes ahead, Anghami may be worth more than $300 million. The transaction includes a combined $40 million commitment from UAE financial firm SHUAA Capital and the parent of the SPAC sponsor in so-called PIPE (private investment in public equity) financing, the source said. Anghami, Vistas, and SHUAA representatives immediately declined to comment on the deal.
SPACs are often formed to allow private companies to raise new capital and list directly on the stock market without having to go through the expensive and time-consuming process of an initial public offering.
As per the reports, a successful listing of Anghami will add to a streak of major technology deals in the Middle East that started with acquisitions of local companies by Uber Technologies and Amazon.com.
Last year, Anghami has worked with investment bank JPMorgan to raise fresh capital and explore strategic options as it looked to expand, and recently, UAE-based asset management and investment banking platform SHUAA Capital has invested in the music streaming platform.