Abu Dhabi, UAE: Multiply Group, an Abu Dhabi-based investment holding company, has completed its acquisition of a 55% majority stake in Media 247, a leading outdoor advertising firm in the UAE, for AED 225 million.
The acquisition price has been adjusted as a result of the Company’s strong financial performance during the first half of 2023.
Media 247 has a portfolio of over 45 exclusive outdoor premium hoardings, unipoles, and 3D structures across Dubai’s most prominent locations. The company also offers media management, printing services, and transit media solutions across Dubai’s largest taxi fleet. The company has shown resilience during the pandemic and has been a preferred partner for many top-tier advertisers and agencies.
Samia Bouazza, Group CEO and Managing Director at Multiply Group, said that the investment in Media 247 supports their strategic commitment to grow their media and communications vertical and to become a leading integrated multi-brand media powerhouse in the UAE. She also said that their vision is to list Multiply Media on the local stock exchange.
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 operates and invests in four current verticals – Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness. Multiply+, its sector-agnostic and opportunistic investment arm, looks to target double-digit returns across asset classes.
Multiply Group buys stake in Breakwater Energy for $100 million