Vistas Media Acquisition: Gains on $220 mln deal to take Anghami public

Anghami

03/03/2021 12:21

** Shares of special purpose acquisition co  VMAC.O  up
3.45% at $10.5 premarket
    ** Spotify competitor Anghami to list on the Nasdaq after
merging with VMAC  urn:newsml:reuters.com:*:nL3N2L1194
    ** Anghami, which operates a music streaming app popular in
the Middle East and N.Africa says it will become the first Arab
tech company to list on the Nasdaq
    ** The deal implies an enterprise value of ~$220 million,
Anghami said in a statement
    ** The transaction includes a $30 mln commitment from UAE
financial firm Shuaa Capital  SHUA.DU  and $10 mln from the
parent of the SPAC
    ** Up to last close, VMAC up ~1% YTD

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))