Abu Dhabi – Mubasher: Multiply Group has signed a binding commitment to acquire a 55% majority stake in outdoor advertising company Media 247 for approximately AED 184 million.
The completion of the equity takeover deal is still subject to regulatory conditions and approvals.
Media 247 assets comprise more than 45 exclusive outdoor premium hoardings, unipoles, and 3D structures that are located across Dubai’s most strategic locations, according to a press release.
Multiply Group noted that the acquisition investment falls under the buy-and-build vertical strategy, which focuses on the takeover of profitable companies, forming portfolio-wide synergies, investing in bolt-on acquisitions, augmenting scalability, and enhancing their margins.
Head of Media and Communications vertical at Multiply Group, Jawad Hassan, commented: “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.”
Meanwhile, Rafiq Abu Hijleh, Founder and President of Media 247, commented: “We are delighted to join hands with one of the UAE’s largest and fastest growing holding companies. This marks a significant milestone in Media 247’s journey since 2005 to provide only the best exclusive outdoor media solutions.”
Hijleh added: “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.”
In late March, the shareholders of Multiply Group held their general assembly meeting where Chairman Andre Sayegh stated: “Multiply Group is well-positioned for 2023 and beyond to carry on with its growth plans focusing on its two core investment arms.”
The CEO and Managing Director of the group, Samia Bouazza, said during the meeting: "We expect 2023 to be a year of further organic growth of our operating assets, continued disciplined investing and the possible launching of a new vertical.”
In 2022, the listed group achieved net profits attributable to the equityholders worth AED 18.42 billion and revenues of AED 1.12 billion.
