Dubai-based digital media company Diwanee has been acquired by Webedia, a Paris digital publishing firm.
The value of the deal, which remains undisclosed, is reported to be worth between $20 million and $50 million, which would make it one of the biggest acquisitions of a digital company in the Middle East.
Webedia will also invest an additional $5 million to help Diwanee widen its geographical reach and boost its user ratings. Hervé Cuviliez, CEO and founding partner at Diwanee, said: “This majority acquisition by Webedia will enable Diwanee to reinforce its position as a leader in the digital media sector in the region as well as fuel innovation and growth to allow us to continue to
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