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.

The merger will make Anghami one of the first Middle Eastern technology companies to list on the Nasdaq. Its existing backers include Emirates Integrated Telecommunic…

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