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Multiply Group, a UAE-based holding company listed on the Abu Dhabi Securities Exchange, has fully acquired BackLite Media, an outdoor advertising company in Dubai that reported a revenue of 232 million UAE dirhams ($63.1 million) in 2023.
The deal encompasses all operating entities of BackLite Media, which includes a portfolio comprising 86% digital and 14% static advertising solutions.
Multiply said the move was in line with its strategy to expand its footprint in the out-of-home advertising space and consolidate it media vertical, according to a statement.
Other media companies in Multiply Group’s existing portfolio include Media 247 and Viola Communications.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “This expansion underpins our commitment to driving shareholder value by creating long-term growth and further strengthening Multiply Media’s valuation as we continue readying the vertical for its eventual listing.”
(Writing by Bindu Rai, editing by Brinda Darasha)
