Abu Dhabi-based investment holding company, Multiply Group has signed a binding commitment to acquire a 55 percent majority stake in Media 247, one of the leading UAE outdoor advertising companies, for approximately $50 million (AED 184 million).
The investment in Media 247 falls under the buy-and-build vertical strategy of acquiring profitable companies, creating portfolio-wide synergies, investing in bolt-on acquisitions, augmenting scalability, and enhancing their margins.
Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles, and 3D structures spread across Dubai’s most strategic locations.
The company offers media management, printing, and special projects services and has sustained long-standing relationships with the most reputable advertisers and agencies both locally and internationally. Media 247 also provides transit media solutions such as vehicle wraps across Dubai’s largest taxi fleet, RTA’s red-top taxis, and Dubai’s RTA airport taxis.
Mr. Jawad Hassan, Head of the Media and Communications vertical at Multiply Group, commented that, “Our commitment to invest in Media 247 reflects our focus on the growth of Multiply Group’s Media and Communications vertical and the consolidation of assets in the out-of-home media space. Media 247 is a well-established out-of-home media company that shares our philosophy of growth.
“Together, we will be focusing on growing the company both organically and inorganically. With its excellent inventory across Dubai, we are confident that we can leverage our combined expertise and resources to identify acquisitions, creating a stronger and more competitive business. As we have reached the final stages of the agreement and the few points to be finalized, we are confident in the discipline of the management team to get this deal over the finish line,” Mr. Hassan added.
Mr. Rafiq Abu Hijleh, Founder and President at Media 247, stated that, “This marks a significant milestone in Media 247’s journey since 2005 to provide only the best exclusive outdoor media solutions. Our company was already on a fast track to achieve our objectives with rapid growth, and this partnership will enable us to further widen our offerings to meet and exceed our clients’ reach expectations and broaden our network in the UAE and beyond.”