Multiply Group signs binding commitment to acquire 55% stake in Media 247

Multiply Group signs binding commitment to acquire 55% stake in Media 247

Abu Dhabi, UAE: Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, has signed a binding commitment to acquire a 55 per cent majority stake in Media 247, one of the leading UAE outdoor advertising companies, for approximately AED 184 million.

Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai’s most strategic locations. The company offers media management, printing and special projects services and has sustained long-standing relationships with the most reputable advertisers and agencies both locally and internationally. Media 247 also provides transit media solutions such as vehicle wraps across Dubai’s largest taxi fleet, RTA’s red top taxis, and Dubai’s RTA airport taxis.

The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, creating portfolio-wide synergies, investing in bolt-on acquisitions, augmenting scalability and enhancing their margins.

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