Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  

Multiply Group Secures 55% Majority Stake in Media 247, Strengthening its Media Portfolio

 
Multiply Group Secures 55% Majority Stake in Media 247, Strengthening its Media Portfolio

Valued at AED 225 million, the move positions Multiply Media as a key player in the UAE's media landscape

Abu Dhabi, UAE, September 06, 2023: Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, confirmed today the completion of its acquisition of a 55% majority stake in Media 247, a leading outdoor advertising firm in the UAE, for AED 225 million. This strategic move follows Multiply Group’s announcement in April 2023 regarding its intent to invest, subject to regulatory approvals, which has since been secured. The acquisition price has been adjusted as a result of the Company’s strong financial performance during the first half of 2023, where it overachieved its revenue and profitability targets by about 10% and 37%, respectively.

Media 247, known for its extensive portfolio of over 45 exclusive outdoor premium hoardings, unipoles, and 3D structures across Dubai’s most prominent locations, further solidifies Multiply Group’s position in the media and advertising sector. The company’s diverse service offerings, ranging from media management and printing services to transit media solutions across Dubai’s largest taxi fleet, have made it a preferred partner for many top-tier advertisers and agencies both locally and internationally. 

Media 247's resilience, especially during challenging times such as the pandemic, further underscores its value proposition and the soundness of Multiply Group's investment decision.

Samia Bouazza, Group CEO and Managing Director at Multiply Group, commented on the acquisition, stating: “Our investment in Media 247 underscores our strategic commitment to grow our verticals through the addition of high-value assets that yield sustainable recurring returns. The global media and communications industry, valued at US$ 2 trillion, is undergoing a seismic shift due to rapid digital transformation, immediate content dissemination, and heightened user engagement, presenting unprecedented growth avenues. By integrating a majority stake in Media 247, one of the largest in Dubai, into our portfolio – Multiply Media is poised to emerge as a leading integrated multi-brand media powerhouse in the UAE.”

“Our vision is clear. We are committed to making continued value accretive investments in this vertical, with the overarching goal of propelling Multiply Media to the appropriate valuation to list on the local stock exchange,” she added. 

The acquisition of Media 247 aligns with Multiply Group’s ‘buy and build’ strategy, which focusses on acquiring profitable companies, fostering portfolio-wide synergies, driving bolt-on investments, and enhancing scalability and margins.

Multiply Group, with its dual investment arms: Multiply and Multiply+, continues to showcase its financial acumen by targeting high-yield opportunities across diverse asset classes, reinforcing its reputation as a leading investment entity in the region. Multiply operates and invests in four current verticals - Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness, while Multiply+, its sector-agnostic and opportunistic investment arm, looks to target double-digit returns across asset classes. 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 9967 times
PR Category : Banking & Investments
Posted on : Wednesday, September 6, 2023  3:21:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : QNET's Parent Company Named Employer of the Year at HR Award...
Next Story : Meet “Jais”, The World's Most Advanced Arabic Large Language...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
World's First Sheglam Store in the Middle East [29409-Views]
Dubai Jewellery Group Dazzles with Unprecedented Offers at the Dubai Shopping Festival [14346-Views]
QNET's Swiss Luxury Brand Bernhard H Mayer Unveils New Jewellery Collection [6589-Views]
Kia Unveils its All-New K3 for the first time in the Middle East at Riyadh Motor Show 2023 [4826-Views]
Dubai's Charitable Preloved Clothes Chain Thrift For Good Pledges 100% of Profits To Emerg... [4809-Views]
Delight in unforgettable Festive Season at Grand Millennium Al Wahda in the Centre of Abu... [4457-Views]
Dubai Airports Celebrates UAE 52nd Union Day and Embraces the Year of Sustainability [4321-Views]
Air France-KLM and Etihad Airways Announce Frequent Flyer Partnership [4047-Views]
Fouquet's Dubai Launches “Pardon My Brunch” [3944-Views]
Malabar Gold & Diamonds Expands into Canada; Launches 335th Global Showroom [3899-Views]
Dubai Free Zones Council Enhances the Attraction of National Talent and Streamlining the I... [3887-Views]
Redefining Excellence: India International School, Sharjah, Leaves a mark in History with ... [3870-Views]
Etihad Airways Celebrates 20th Anniversary with Iconic Fly-past at Formula 1 Etihad Airwa... [3665-Views]
Theyab Bin Mohamed Bin Zayed Witnesses Signing of Strategic Partnership between Etihad Rai... [3579-Views]
BlackBerry Quarterly Global Threat Intelligence Report Shows 70 Percent Increase in Novel ... [3575-Views]
niluu the Vegan Silkwear Brand Celebrates the Animal Kingdom with Elegant Print [3571-Views]
Hamdan bin Mohamed bin Zayed presents Trophy to Formula 1 Etihad Airways Abu Dhabi Grand P... [3546-Views]
Zero-Emission Vehicle Innovator Wisdom Motor Brings the GCC's First 12-Meter Hydrogen City... [3489-Views]
Food Consumption in the GCC to Grow at a Steady Pace, says Alpen Capital [3456-Views]
Emirates Post Group unveils Two Commemorative Stamp Sets Celebrating UAE's Hosting of COP2... [3428-Views]
Danube Home Announces the Mad Red Sale – The Biggest Loot of the Year! [3423-Views]
Hamdan bin Mohammed leads Dubai Run as 226,000 People take part in World's Largest Communi... [3391-Views]
Revolutionizing Crop Growth: Tadweer Signs $2.5m Milestone Agreement with Aquagrain to Dep... [3341-Views]
World Tennis League Unveils Full Player Roster with Thrilling Matchups Set for Season Two [3333-Views]
ADEK's Khotwa Program Strengthens College Associations in Australia and New Zealand [3255-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories