OSN Streaming, the Dubai-based controlling shareholder of Anghami, has offered to buy the roughly 33 percent of the music streamer it does not already own for $3.39 per share in cash, a move that would end the company's run on Nasdaq and turn the Lebanese-founded platform into a fully private business.
Anghami confirmed the preliminary, non-binding proposal on June 30. OSN, which holds about 67 percent of the company, said it expects to fund the purchase with equity or other financing from its shareholders and their affiliates, and the acquisition will not depend on a financing condition. OSN's proposal letter has been filed with the US Securities and Exchange Commission as an exhibit to its Schedule 13D/A ownership statement.
A Modest Premium on a Sliding Stock
The $3.39 offer sits about 4 percent above Anghami's closing price of $3.25 on Nasdaq on July 1. The stock has lost 18 percent since the start of the year, and the company said in 2025 that it planned a reverse stock split to protect its listing.
OSN is not the only major name on Anghami's shareholder register. Saudi media group MBC Group acquired a 13.7 percent stake in the company in 2024, making it one of the largest minority holders whose shares would be covered by the offer.
Three Independent Directors Hold the Decision
Anghami's board has appointed three new independent directors and formed a special committee composed solely of them to review the offer. Nathan Scott Fine, a veteran of more than 35 years in investment banking, chairs the committee. He is joined by Guergui Saykov Stoyanov, founder of advisory firm StoGeo and a former partner at Grant Thornton UAE, and Chiara Marcati, a former McKinsey partner who is now Chief Advisory and Business Officer at UAE-based AI company AI71.
The committee holds all delegable powers of the board on the matter. It can hire its own legal and financial advisors, negotiate with OSN, weigh other strategic alternatives, and reject the proposal outright. Its mandate is to act in the best interests of shareholders not affiliated with OSN.
Anghami said it will not approve any transaction with OSN without the committee's favourable recommendation, and any deal would still need board approval and, where required, shareholder approval. The company cautioned that there is no guarantee a definitive offer will follow or that any transaction will close, and it may remain a listed company. It does not plan to disclose further developments unless required, and no shareholder action is needed at this stage.
From Beirut Startup to Regional Streaming Group
Founded in Beirut in 2012 by Eddy Maroun and Elie Habib, Anghami was the first homegrown music streaming platform in the Arab world, and today offers music, podcasts, video, and live entertainment. It operates in 16 countries across MENA, with offices in Beirut, Dubai, Cairo, and Riyadh, and it became the first Arab tech company to list on Nasdaq when it went public through a SPAC merger in February 2022.
OSN became the majority shareholder in November 2023 after investing $50 million in a merger that brought Anghami and the OSN+ video service together. Since then, the combined group has passed 3.5 million paid subscribers and more than 130 million registered users, and Anghami reported revenue of $99.3 million in its latest full year, up 27 percent.
Full ownership would give OSN a single private group offering music, video, and podcasts as it competes with Spotify and YouTube for MENA subscribers. If the deal closes, Anghami's shares would leave Nasdaq and the company would operate as a private unit of OSN, fourteen years after it started as a two-founder startup in Beirut.
Anghami
