French digital publishing firm Webedia has purchased Lebanese women-focused digital media company Diwanee. The financial terms of the acquisition deal were not disclosed, according to The Daily Star.
Diwanee co-founder Hervee Cuvilliez said of the transaction: "The deal proves that international companies aren't afraid to acquire a Lebanese-based or regional company, and I believe more deals will follow, which will encourage financial institutions to invest more in the ICT sector."
Some reports said Webedia invested between $12 million to $15 million in exchange of a majority holding in Diwanee. Under the terms of the said deal, Webedia also reportedly infused a further $5 million into Diwanee. Cuvilliez expects the company's monthly unique visitors to be doubled in the next couple of years as a result of the acquisition, the report detailed.
Diwanee currently operates from Dubai, Beirut, and Belgrade. The company employs 130 workers in its team, with most of them in Lebanon. The firm plans to start monetization campaigns in 2014 and 2015 for its Levant and Egypt traffic sources, The Daily Star reported.
Join the Conversation