The Abu Dhabi-based investment group Multiply has announced that it is set to acquire a 55 per cent stake in the outdoor company Media 247 in an AED 184 million deal. The investment group has signed a binding commitment to acquire the majority stake in the outdoor advertising supplier.
The investment in Media 247 falls under Multiply’s strategy to buy and build upon the established profitable company to expand its operations and increase its returns.
The buyout aims to develop the growth of Multiply Group’s media and communications vertical and the consolidation of all its assets in the out-of-home media space. Multiply’s Head of Media and Communications vertical Jawad Hassan said that the group is “confident” that through combined expertise and resources, they’ll be able to create a “stronger and more competitive business”.
Rafiq Abu Hijleh, Founder and President at Media 247, said: Our company was already on a fast track to achieving 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 agreement is yet to be fully realised. “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,” added Hassan.
Media 247 assets include outdoor hoardings, unipoles and 3D structures across Dubai. The company 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.
Apart from Media 247, the group‘s Media and Communications vertical has also invested in US-based digital media and advertising companies, Firefly and Yieldmo, and global visual marketplace Getty Images.
This is not the group’s first acquisition in the outdoor sector having completely acquired Abu Dhabi-based marketing and outdoor company Viola Communications in 2021.
The outdoor sector in the region is evolving and growing rapidly in region with companies now being highly valued in major acquisitions and deals. Early this year, outdoor supplier LifeonScreen acquired a programmatic company MMP Worldwide in a 110 million dirham deal to move into the digital and tech space of pdooh.
