Dubai, UAE — Multiply Group, an Abu Dhabi-based investment holding company, has signed a binding commitment to acquire a 55 percent stake in Media 247, an outdoor advertising company, for approximately AED184 million.
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, Multiply Group said in a statement.
Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai’s most strategic locations. It 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.
Jawad Hassan, Head of Media and Communications vertical at Multiply Group, said, “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.”
Rafiq Abu Hijleh, Founder and President at Media 247, said, “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.”