(Bloomberg) -- Multiply Group has acquired an advertising firm based in the United Arab Emirates as it prepares for an initial public offering for its media business, according to its chief executive officer.

The firm bought 100% of BackLite Media, according to a statement on Monday. It didn’t disclose the financial terms of the deal but Samia Bouazza described it in an interview as one of Abu Dhabi-based Multiply’s “most strategic” acquisitions.

“The company that we just acquired is actually the last step toward the preparation for the listing process,” said Bouazza, who is also managing director at Multiply. She didn’t comment on details of the size or timing of an IPO, but said the Multiply Media Group’s listing would take place when market conditions are good and when regulatory approvals are in place. 

The company plans to use IPO proceeds to acquire global targets, the CEO said. Multiply is working on “one or two” deals, she said.

Read more: Mideast IPO Boom to Stretch Into 2024 as Investor Appetite Grows

Multiply is a holding company active in sectors ranging from energy and utilities to wellness and beauty. Its investments vary from Getty Images to Rihanna’s lingerie company. It also owns a stake in Turkish clean energy company Kalyon Enerji.

The CEO said Multiply would look into an opportunity in Turkey if it’s complementary to their current investment in the country. She also sees beauty products as a “very interesting place” in the US. Her firm also studied a couple of assets in India, she said.

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The company isn’t followed by any analyst tracked by Bloomberg, but it is part of the MSCI Emerging Markets Index. Foreigners own 31% of the firm, according to data from the Abu Dhabi Stock Exchange.  

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