Brief: Anghami Merges With Vistas Media Acquisition Company

Anghami

03/03/2021 11:19

March 3 (Reuters) - ANGHAMI:
    * ANGHAMI MERGES WITH VISTAS MEDIA ACQUISITION COMPANY INC
    * WILL BECOME FIRST ARAB TECHNOLOGY COMPANY TO LIST ON
NASDAQ NEW
YORK
    * TRANSACTION IMPLIES AN INITIAL PRO-FORMA ENTERPRISE
VALUATION OF
APPROXIMATELY $220 MILLION
    * TRANSACTION IS EXPECTED TO CLOSE IN Q2 OF 2021
    * COMBINED COMPANY WILL OPERATE UNDER THE ANGHAMI NAME AND
WILL
TRADE UNDER NEW SYMBOL ANGH
    * ANGHAMI’S MANAGEMENT TEAM LED BY CO-FOUNDER AND CEO EDDY
MAROUN
WILL CONTINUE TO OPERATE AND MANAGE ANGHAMI FOLLOWING
TRANSACTION
    * CO-FOUNDER AND CHAIRMAN ELIE HABIB WILL CONTINUE AS THE
CTO
    * F. JACOB CHERIAN, CEO OF VISTAS MEDIA ACQUISITION COMPANY
INC.
IS EXPECTED TO JOIN COMPANY AS CO-CEO FOR A PERIOD OF ONE YEAR
    * PIPE FINANCING OF $30 MILLION FROM SHUAA CAPITAL AND $10
MILLION
FROM VISTAS MEDIA CAPITAL
    * EXPECTS TO HAVE APPROXIMATELY $142 MILLION OF CASH ON ITS
BALANCE SHEET AT CLOSING TO BE USED PRIMARILY TO FUEL ADDITIONAL
GROWTH
    * SHUAA CAPITAL ACTED AS FINANCIAL ADVISOR AND GLOBAL
UNDERWRITER
AND NORTON ROSE FULBRIGHT ACTED AS LEGAL ADVISOR TO ANGHAMI
    * DENOVO ACTED AS FINANCIAL ADVISOR AND WINSTON & STRAWN
ACTED AS
LEGAL ADVISOR TO VMAC AND ITS PARENT COMPANY VISTAS MEDIA
CAPITAL

Source text for Eikon:  ID: 
Further company coverage:  VMAC.O 

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