Global law firm Freshfields Bruckhaus Deringer (Freshfields) has advised Panther Media Group (known as OSN) on its acquisition of a majority stake in Anghami, Inc. (Anghami). The transaction, which closed in April 2024, saw OSN Group acquire 55.45 per cent of Anghami, giving it a majority stake at a valuation of $3.69 per share, 1.9x the closing price of the stock on Thursday 28 March.
The combined OSN+ and Anghami offering is expected to shake up the MENA media and entertainment landscape, given that OSN+ is a leading streaming platform for premium film and television content and the region’s primary outlet for Hollywood studios in 22 countries. Headquartered in Abu Dhabi since 2021, Anghami is the first, most-established and fastest-growing music technology platform in the Middle East and North Africa, launching its music platform in 2012 in Lebanon and becoming the first Arab tech company to be listed on Nasdaq in early 2022.
The expanded company will leverage Anghami’s strong tech credentials and music catalogue coupled with the OSN+ library of premium content to “deliver a unique digital streaming experience with AI-driven hyper personalization that prioritizes recommendations based on user preference,” with over 120 million registered users, circa 2.5 million paid subscribers and close to $100 million in revenue at closing.
The Freshfields team was led by partner Michael Hilton (UAE) and Paul Humphreys (New York) along with counsel Enrique Dancausa (New York) and senior associate Cheree Gemmell (UAE). They were supported by associates Max Chapman (UAE), Ciara O’Loughlin (UAE) and Chinyere Obi (New York).
The team also included global transactions colleagues Michael Levitt (partner, New York), Giles Pratt (partner, London), Taryn Zucker (counsel, New York), Tumi Jegede (senior associate, Dubai), Aashim Usgaonkar (senior associate, New York), Kimberly Wang (associate, Silicon Valley), Liviu Giuran (associate, UAE), Rohan Jerath (associate, London), Jamaal Jackson (associate, London), Nathalie Kupfer (associate, New York), Tariq Chastanet-Hird (associate, London) and Ewan Davis (trainee, Abu Dhabi); ACT: Rafique Bachour (partner, Brussels) and Riccardo Fadiga (associate, Brussels); People & Reward: Nicole Foster (partner, New York), Kristen Stidham (associate, Silicon Valley) and Juan Pastor (associate, New York); Tax: Joe Soltis (partner, New York) and Courtney Canning (associate, New York); and by Muhammed Alshamkhi (legal consultant, Dubai).
