Singapore SPAC to merge with the 'Spotify of the Middle-East'

Singapore

A BLANK-CHEQUE company backed by Singapore-based Vistas Media has agreed to merge with music-streaming service Anghami in a deal that could value the Middle Eastern startup at over US$200 million.

Anghami is combining with Vistas Media's US$100 million special-purpose acquisition vehicle or SPAC, called Vistas Media Acquisition Company (VMAC), which was listed on the Nasdaq stock exchange in New York last August.