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15 July 2024

Multiply Group signs binding commitment to acquire 55% stake in Media 247

Published
By WAM

Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, has signed a binding commitment to acquire a 55 per cent majority stake in Media 247, one of the leading UAE outdoor advertising companies, for approximately AED 184 million.

Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai’s most strategic locations. The company offers media management, printing and special projects services and has sustained long-standing relationships with the most reputable advertisers and agencies both locally and internationally. Media 247 also provides transit media solutions such as vehicle wraps across Dubai’s largest taxi fleet, RTA’s red top taxis, and Dubai’s RTA airport taxis.

The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, creating portfolio-wide synergies, investing in bolt-on acquisitions, augmenting scalability and enhancing their margins.

Jawad Hassan, Head of Media and Communications vertical at Multiply Group, commented, “Our commitment to invest in Media 247 reflects our focus on the growth of Multiply Group’s Media and Communications vertical and the consolidation of assets in the out-of-home media space. 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.”

Media 247 has a solid track record with an excellent historical performance in both top-line and profitability and has proven to be resilient in difficult times like the pandemic.

“As we have reached the final stages of the agreement and the few points to be finalised, we are confident in the discipline of the management team to get this deal over the finish line,” Hassan added.

Rafiq Abu Hijleh, Founder and President at 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. 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.”

Multiply Group has been deploying capital across its two distinct arms: Multiply and Multiply+. Multiply operates and invests in four current verticals (Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness), while Multiply+, its sector-agnostic and opportunistic investment arm, looks to target double-digit returns across several asset classes.

Deal completion is subject to regulatory conditions and approvals.