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E-Vision, the entertainment arm of telecom operator e&, and ADQ, Abu Dhabi’s sovereign wealth fund, have acquired a 57 percent stake in video-on-demand company Starzplay Arabia.
The deal, first announced in March, valued the streaming platform at $420 million.
e&, formerly Etisalat, is the largest telecom operator in the UAE. It said in a filing with the Abu Dhabi Stock Exchange (ADX) that the acquisition is in line with its strategy to expand the entertainment arm of its consumer digital division by accelerating E-Vision’s development of its video streaming division.
E-Vision has a 66.7% stake in its consortium with ADQ. It will pay up to $130 million in “cash and in-kind” shares, including earnings payments.
Other shareholders of Starzplay Arabia include Starz, E-Vision and SEQ Investors. Starz and its parent company Lionsgate will continue to maintain the joint venture’s content licensing commercial agreement.
Starzplay Arabia is the fastest growing video streaming service in the Middle East and North Africa (MENA) region.
After the acquisition, Starzplay Arabia will be incorporated into E-Vision’s finances starting this month.
Starzplay will use the new funding to acquire new content, including the rights to the A-series in Italy and the African Football Confederation, add the UFC to its platform and be able to stream Asian Cup cricket matches.
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