Kuwait Projects Company Holding (KIPCO) said that its subsidiary, Panther Media Group Ltd., also known as OSN, has completed a milestone transaction for a majority stake in Anghami Inc.

“The OSN Group has acquired 55.45% stake in Anghami, an Abu Dhabi-based music and entertainment streaming platform, for a cash investment of $38 million (11.7 million Kuwaiti dinar) plus the contribution of the OSN+ video streaming business."

Anghami has been valued at $3.69 per share, which is 1.9x the closing price of the stock on Thursday, March 28, KIPCO said in a statement on Tuesday.

The deal will result in a company with over 120 million registered users, approximately 2.5 million paid subscribers and close to $100 million in revenue at closing, the statement said.

Elie Habib, Anghami Co-founder and CTO will lead the combined entity as incoming Anghami CEO, while Joe Kawkabani will remain as OSN Group CEO.

(Writing by Brinda Darasha; editing by Seban Scaria)