Abu Dhabi – Mubasher: Multiply Group has completed its acquisition of a 55% majority stake in Media 247 at a value of AED 225 million, according to a press release.
The transaction followed the ADX-listed firm’s AED 184 million acquisition deal announcement last April, which was subject to regulatory approvals.
The price has been adjusted due to the group’s strong financial performance during the first half (H1) of 2023, where it overachieved its revenue and profitability targets by about 10% and 37%, respectively.
The acquisition aligns with Multiply Group’s buy-and-build strategy that focuses on acquiring profitable companies to boost its portfolio and attract bolt-on investments, as well as enhancing scalability and margins
Samia Bouazza, Group CEO and Managing Director at Multiply Group, highlighted: “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,” Bouazza added.
The CEO said: “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.”
In the first six months (6M) of 2023, the net profits attributable to the owners of Multiply Group hit AED 325.28 million, versus AED 389.30 million a year earlier.
