Abu Dhabi-based investment holding company, Multiply Group (ADX: MULTIPLY), has committed to purchasing a 55% majority stake in Media 247, a leading outdoor advertising firm in the UAE, for roughly AED 184M. Media 247 owns more than 45 premium outdoor hoardings, unipoles, and 3D structures situated in prime locations across Dubai.
The company provides media management, printing, and special projects services, as well as transit media solutions, including vehicle wraps for Dubai’s largest taxi fleet and airport taxis. The investment in Media 247 is part of Multiply Group’s vertical strategy of acquiring profitable companies, creating synergies across their portfolio, investing in bolt-on acquisitions, scaling up, and improving their margins, according to WAM.
Jawad Hassan, Head of Media and Communications vertical at Multiply Group, commented, “Our commitment to invest in Media 247 reflects our focus on the growth of Multiply Group’s Media and Communications vertical and the consolidation of assets in the out-of-home media space. Media 247 is a well-established out-of-home media company that shares our philosophy of growth. Together, we will be focusing on growing the company both organically and inorganically. With its excellent inventory across Dubai, we are confident that we can leverage our combined expertise and resources to identify acquisitions, creating a stronger and more competitive business.”
Media 247 has a solid track record with an excellent historical performance in both top-line and profitability and has proven to be resilient in difficult times like the pandemic.
“As we have reached the final stages of the agreement and the few points to be finalised, we are confident in the discipline of the management team to get this deal over the finish line,” Hassan added.
Rafiq Abu Hijleh, Founder and President at Media 247, commented, “We are delighted to join hands with one of the UAE’s largest and fastest growing holding companies. This marks a significant milestone in Media 247’s journey since 2005 to provide only the best exclusive outdoor media solutions. Our company was already on a fast track to achieve our objectives with rapid growth, and this partnership will enable us to further widen our offerings to meet and exceed our clients’ reach expectations and broaden our network in the UAE and beyond.”
Multiply Group has been investing its capital through two separate branches, namely Multiply and Multiply+. Multiply focuses on and invests in four main verticals: Mobility, Energy and Utilities, Media and Communications, and Beauty and Wellness. On the other hand, Multiply+ is an opportunistic and sector-agnostic investment arm that aims to achieve double-digit returns across various asset classes.
