Abu Dhabi – Mubasher: A consortium consisting of E-Vision, a wholly-owned subsidiary of e&, and the Abu Dhabi-based investment and holding firm ADQ has acquired nearly 57% stake in Starzplay Arabia.
E-Vision, which holds 66.70% in the consortium, has acquired the controlling stake in Starzplay Arabia and paid up to $130 million, the ADX-listed firm stated in a bourse disclosure. It added that the financial statements of both E-Vision and Starzplay Arabia will be consolidated and the impact will reflect as of this October.
Starzplay Arabia is a subscription video on demand (SVOD) and streaming service provider in MENA.
This acquisition aligns with e&’s strategy to expand the entertainment sector of e& life consumer digital vertical. It will also strengthen Starzplay Arabia’s position across the MENA region.
In the first half (H1) of 2022, e&, formerly known as Etisalat Group, posted a hike in net profit attributable to the owners to AED 4.86 billion, versus AED 4.74 billion in the same period a year earlier.
