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OSN Streaming, the controlling shareholder of Anghami, has submitted a preliminary, non-binding proposal to take the Nasdaq-listed music platform private, offering $3.39 per share in cash for the roughly 33% of the company it does not already own.
OSN, which holds about 67% of Anghami, said it expects to fund the acquisition with equity or other financing from its shareholders and their affiliates, and that the deal would not carry a financing condition. Saudi media group MBC owns a further 13.7% of Anghami.
With around 9 million shares outstanding, the $3.39 offer values Anghami at roughly $31 million in total, putting the minority stake OSN is seeking to buy at just over $10 million. The price represents the stock's three-month volume-weighted average rather than a premium to it, an unusual structure for a take-private, where offers are typically pitched above the market to win over minority holders. OSN has also told the board it has no intention of selling its stake to a third party, effectively ruling out a rival bid and leaving minority shareholders to weigh the offer against staying invested in a majority-controlled company. That backdrop helps explain why Anghami's board has handed the decision to an independent committee empowered to reject it.
The 2023 deal that gave OSN control, a $50 million investment at $3.65 a share, merged the music platform with OSN's video service and left Anghami listed on Nasdaq.
Anghami was founded in 2012 in Beirut by Eddy Maroun and Elie Habib, moved to Abu Dhabi in 2021, before going public in 2022 through a SPAC merger at a $220 million enterprise value.
Anghami stressed that no agreement has been reached and that any transaction remains subject to review, board and shareholder approvals, and regulatory processes, adding that it may continue as a publicly listed company.
Its board has formed a special committee of three newly appointed independent directors to evaluate, negotiate or reject the proposal, and has said it will not enter any transaction with OSN without the committee's favourable recommendation.
The three special-committee members are Nathan Scott Fine, a longtime investment banker and vice chairman of Rafael Holdings, who chairs the committee; Guergui Saykov Stoyanov, founder of advisory firm StoGeo and a former Grant Thornton UAE partner; and Chiara Marcati, chief advisory and business officer at AI71, the Abu Dhabi sovereign AI company, and a former McKinsey partner who led its QuantumBlack AI practice across EMEA.
The take-private proposal would cap a difficult public-market run. From its $220 million SPAC debut, Anghami's value declined steadily, forcing a 1-for-10 reverse stock split in 2025 to stay above Nasdaq's minimum $1 bid requirement.
The business itself has been growing: Anghami reported $99.3 million in revenue for 2025, up 27% year on year, though it remains unprofitable, serving more than 120 million registered users and around 3.5 million paying subscribers as the Arab world's homegrown answer to the global streaming platforms.
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