Dubai: Abu Dhabi-based investment holding company Multiply Group has signed a binding commitment to acquire a 55 per cent majority stake in Media 247, an outdoor advertising company, for around Dh184 million.
Media 247 assets include over 45 outdoor premium hoardings, unipoles and 3D structures across Dubai.
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.”
Rafiq Abu Hijleh, Founder and President at Media 247, said: “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.”
The completion of the deal is subject to regulatory approvals.
