Abu Dhabi-based Multiply Group has completed its acquisition of a 55 percent majority stake in a leading outdoor advertising firm in the UAE, Media 247, for $61 million (AED225 million).
This strategic move follows Multiply Group’s announcement in April 2023 regarding its intent to invest, subject to regulatory approvals, which has since been secured. The acquisition of Media 247 further solidifies Multiply Group’s position in the media and advertising sector.
“Our investment in Media 247 underscores our strategic commitment to grow our verticals by adding high-value assets that yield sustainable recurring returns. The global media and communications industry, valued at $2 trillion, is undergoing a seismic shift due to rapid digital transformation, immediate content dissemination, and heightened user engagement, presenting unprecedented growth avenues. By integrating a majority stake in Media 247, one of the largest in Dubai, into our portfolio – Multiply Media is poised to emerge as a leading integrated multi-brand media powerhouse in the UAE.”
“Our vision is clear. We are committed to making continued value accretive investments in this vertical, with the overarching goal of propelling Multiply Media to the appropriate valuation to list on the local stock exchange,” Ms. Bouazza added.
Furthermore, the acquisition of Media 247 aligns with Multiply Group’s ‘buy and build’ strategy, which focuses on acquiring profitable companies, fostering portfolio-wide synergies, driving bolt-on investments, and enhancing scalability and margins.
According to the statement, “The acquisition price has been adjusted as a result of the company’s strong financial performance during the first half of 2023, where it overachieved its revenue and profitability targets by about 10 percent and 37 percent, respectively.”