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Abu Dhabi-based holding company Multiply Group acquired 100% of digital advertising company BlackLite Media for an undisclosed sum, according to an ADX disclosure (pdf). The acquisition comes as Multiply Group “continues readying” its media vertical for a potential listing, it said in a separate statement (pdf).
Loads of outdoors advertising space: The acquisition grants Multiply ownership of BlackLite’s portfolio, which consists of 86% digital and 14% static advertising solutions, as well as “prime advertising locations,” including The Landmark Series along Sheikh Zayed Road and venues in The Galleria Mall, Al Qana, and Dubai Festival City.
Next step, IPO: In an interview with Bloomberg, Multiply Group CEO Samia Bouazza positioned the acquisition as “the last step toward the preparation for the listing process.” The company plans to debut on the market when conditions are favorable and once it secures regulatory approvals, Bouazza added, without disclosing more details regarding the size or timing of the IPO.
Listing proceeds will go towards Multiply’s international expansion plans,with the company currently in talks to acquire at least one global target, Bouazza told Bloomberg, referencing assets in Turkey and India as potential targets, as well as cosmetics in the US.
