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Multiply reinforces media portfolio via acquisition of BackLite

Multiply reinforces media portfolio via acquisition of BackLite
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Abu Dhabi – Mubasher: Multiply Group has fully acquired BackLite Media, a premier Digital Out-of-Home (DOOH) advertising firm, to expand its footprint in the burgeoning Out-of-home (OOH) advertising space.

BackLite Media has assets in key locations across the UAE and revenues of AED 232 million in 2023, according to a press release.

The deal aligns with the ADX-listed group’s broader strategy to enhance and consolidate its Media vertical. It also complements the company’s existing portfolio, which includes Media 247 and Viola Communications.

With a portfolio that covers 86% digital and 14% static advertising solutions, BackLite Media became one of the leading media companies in the UAE. It entered into key partnerships, such as the Roads and Transport Authority (RTA).

Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: “This expansion underpins our commitment to driving shareholder value by creating long-term growth and further strengthening Multiply Media’s valuation as we continue readying the vertical for its eventual listing.”

Bengt Bendeus, Founder and Chairman of BackLite Media, noted: “Acquisition marks a significant milestone, expected to enrich the business and advance the advertising landscape in the UAE and beyond.”

Jawad Hassan, Head of the Media and Communications vertical at Multiply Group, stated: “OOH advertising has evolved rapidly in the last few years in the UAE with a CAGR of 16% between 2020 to 2023, and BackLite has been at the very forefront, capitalizing on this growth.”

“We believe that this acquisition will unlock immense value for Multiply Media as we continue consolidating premium media assets across the OOH sector,” Hassan added.

In 2023, Multiply Group logged net profits attributable to the owners amounting to AED 337.80 million, down year-on-year (YoY) from AED 18.42 billion.