Multiply Group has announced the purchase of a 55 per cent stake in outdoor advertising firm Media 247, for AED 225 million.
The move follows Multiply Group’s intention to invest Dh184 million for the stake in April.
According to a Multiply statement, ‘the acquisition price has been adjusted as a result of the company’s strong financial performance during the first half of 2023, where it overachieved its revenue and profitability targets by about 10 per cent and 37 per cent, respectively.’
Media 247 has an extensive portfolio of over 45 exclusive outdoor premium hoardings, unipoles and 3D structures across Dubai’s prominent locations.
Its diverse service offerings range from media management and printing services to transit media solutions across the city’s taxi fleet.
Samia Bouazza, Group CEO and Managing Director at Multiply Group, said: “Our investment in Media 247 underscores our strategic commitment to grow our verticals through the addition of high-value assets that yield sustainable recurring returns.
“The global media and communications industry, valued at US$ 2 trillion, is undergoing a seismic shift due to rapid digital transformation, immediate content dissemination, and heightened user engagement, presenting unprecedented growth avenues.”
The acquisition of Media 247 aligns with Multiply Group’s ‘buy and build’ strategy, which focuses on acquiring profitable companies, fostering portfolio-wide synergies, driving investments and boosting scalability and margins.
Multiply Group has been investing in two units: Multiply and Multiply+ and continues to target opportunities across diverse asset classes.
The group operates and invests in four verticals including mobility, energy and utilities, media and communications and beauty and wellness.
While Multiply+, its sector-agnostic and opportunistic investment arm looks to target double-digit returns across asset classes.
