OSN+ completes acquisition of majority stake in Anghami

OSN+ and Anghami Inc. (NASDAQ: ANGH) have completed their landmark merger, receiving all regulatory approvals.

OSN Group now holds a majority stake of 55.45% in Anghami, valued at $3.69 per share, 1.9x higher than the closing price on Thursday, March 28th. This merger creates a company with over 120 million registered users, around 2.5 million paid subscribers, and nearly $100 million in revenue.

The combined platform merges OSN+'s premium video content with Anghami's extensive music and podcast catalog. Elie Habib, Anghami co-founder and CTO, will lead the new entity as CEO, with Joe Kawkabani remaining as OSN Group CEO.