OSN, the Dubai-based entertainment network, has submitted a preliminary, non-binding proposal to acquire all outstanding shares of Anghami it does not already own. The move signals a clear intent to take the MENA music and entertainment streaming platform private, delisting it from the Nasdaq stock exchange.
Quick Facts
- Non-binding offer for remaining ~33% stake.
- Proposed cash price of $3.39 per share.
- Aims to take Anghami private off Nasdaq.
Detailing the Offer
The proposal values the remaining shares of Anghami at $3.39 each, a cash offer for the approximate 33% of the company that OSN does not currently hold. OSN, which already has a majority stake of around 67%, stated it expects to finance the deal through equity or funding from its shareholders, with no financing condition attached.
If completed, the transaction would mark the end of Anghami’s run as a publicly traded company and bring it fully under the private ownership of OSN.
The Path Off The Nasdaq
This move reflects a growing trend where media and tech companies are re-evaluating the significant costs and pressures of being publicly listed. By going private, Anghami could pursue long-term growth strategies with greater flexibility, away from the short-term demands of public market reporting.
For Anghami investors, the proposal is just the initial step. As a non-binding offer, there is no guarantee that a final deal will materialize or that the proposed terms will remain the same.
Board Forms Special Committee to Review
In response to the offer, Anghami’s board has appointed a special committee composed exclusively of three independent directors: Nathan Scott Fine, Guergui Saykov Stoyanov, and Chiara Marcati. This committee is tasked with thoroughly evaluating the proposal, negotiating with OSN if needed, and exploring any potential alternatives.
The committee is empowered to hire its own independent legal and financial advisers. Anghami has clarified that it will not proceed with any transaction without a favorable recommendation from this committee, and any definitive agreement would still be subject to board and shareholder approvals.
Consolidating MENA’s Streaming Market
The acquisition proposal comes less than two years after OSN deepened its investment in Anghami, tightening the alliance between the two digital entertainment players. A full takeover would further consolidate the region’s streaming sector, placing one of MENA’s largest music platforms entirely within OSN’s portfolio.
This integration could enable the combined entity to create more powerful bundled offerings of music, video, and other digital content, strengthening its competitive position across the Middle East and North Africa without the governance burdens of a public listing.
About Anghami
Anghami is the leading music and entertainment streaming platform in the Middle East and North Africa (MENA), offering a vast catalog of Arabic and international music, podcasts, and entertainment content. It was the first Arab tech company to list on the Nasdaq stock exchange in New York.
Source: Waya
