The Public Investment Fund (PIF) of Saudi Arabia is set to acquire a 54% stake in MBC Group in a deal valued at SAR7.5 billion ($2 billion).
The transaction involves buying Istedamah Holding Company’s entire stake at SAR 41.6 per share through a private deal, as stated by MBC Group on the Saudi stock exchange.
MBC Group is a leading media and entertainment company in the Middle East and North Africa, operating 13 free-to-air TV channels and the Shahid streaming platform, reaching an audience of 150 million people weekly.
In January, MBC Group obtained SAR 69 million ($18.5 million) in 2023 net profit, a 44.8% increase compared to the year prior. The results were the first to be published following the company’s initial public offering (IPO) on the Saudi Tadawul. The IPO saw MBC raise SAR 831 million, with the first day of trading delivering a 30% bounce.
Earlier in the year, MBC Group announced it had acquired a 13.7% stake in the music streaming platform Anghami. The purchase was estimated to cost around $4.074 million.
This acquisition is contingent upon several conditions, including obtaining the necessary approvals and non-objections from relevant authorities. The deal will be executed according to the Tadawul trading and membership procedures.
Shares of MBC closed 10% up on the Saudi exchange after the announcement on Sunday.
