A proposed merger between Anghami, the Abu Dhabi-based music streaming platform and service, and Vistas Media Acquisition Company Inc (VMAC), a publicly traded special purpose acquisition company (SPAC), has been approved by shareholders.
A special meeting of VMAC’s shareholders saw 98 percent vote in favour its proposed business combination, said a statement issued on Friday.
The merger is expected to close upon satisfaction of the closing conditions and the common stock and warrants of the new company are expected to begin trading on Nasdaq.
Anghami will become the first home-grown Middle East tech company to list on the New York stock exchange following the deal that values the music-streaming service at $220 million.
Anghami, which translates in Arabic to ‘my tunes’, was founded in Lebanon in 2012 by Elie Habib and Eddy Maroun and has grown to become one of the region’s leading music streaming platform, offering more than 57 million songs to more than 70 million registered users.
Last year, co-founder Habib told Arabian Business that the proposed listing on the Nasdaq was “very important for us”, adding that it enables Anghami to open up opportunities in growing the company by raising more capital.
The company has grown revenues 80 percent over the last three years and is expected to increase five-fold over the coming three years, he said.
Vistas Media Acquisition Company Inc is a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses or entities in the global media and entertainment sector.
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