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Abu Dhabi-based Multiply Group, an investment holding company, has made a binding offer to acquire a 55% stake in Media 247, a UAE-based outdoor advertising company.
Multiply Group is yet to disclose the value of the offer.
Multiply Group invests across four verticals: Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness. It recorded a net profit of AED18.6 billion ($5 billion) in 2022.
Last year, it invested in Dubai utility firm DEWA’s $6.1 billion IPO, as well as in specialty chemicals company Borouge's $2 billion public offering.
Media 247 assets include outdoor hoardings. It also offers media management, printing and special projects and transit media solutions.
(Reporting by Brinda Darasha; editing by Seban Scaria)
