Abu Dhabi – Bayanat AI PLC (“Bayanat”), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (“Yahsat”), the UAE’s flagship satellite solutions provider, will hold their General Assembly Meetings (GAMs) simultaneously on 25 April 2024. During the GAMs, respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.

The respective Boards of Directors unanimously voted to recommend to shareholders the merger of the two companies on the 18th of December 2023. The proposed merger will create SPACE42, an AI-powered space technology champion in the MENA region with global reach, and one of the most valuable publicly listed space companies in the world with additional potential for significant global growth and synergies.

SPACE42 has significant potential for growth, both regionally and globally. With combined revenue of AED 2.8 billion and net income of AED 639 million based on the recent 2023 financial results, SPACE42 is well positioned to bring increased value to all stakeholders with the potential for significant synergies. Its strengthened financial position will be supported by a Financial Framework that will prioritize investments in sustained business growth and expansion while ensuring robust profitability and attractive returns to shareholders.​ 

The merger is subject to the approval of shareholders representing 75% of the voting rights present at a quorate General Assembly Meeting of each of Bayanat and Yahsat. as well as securing the necessary regulatory approvals in the UAE and internationally. Both companies will continue to operate independently until the merger is effective.

ABOUT BAYANAT 

Bayanat, an ADX-listed public company with majority shareholding by G42, provides comprehensive world-class AI-powered geospatial solutions to a growing number of sectors such as Government Services, Environment, Energy & Resources, Smart Cities and Transportation. Its offering includes topographic, hydrographic and aeronautical products and charts, as well as spatial data surveying, analysis, management, modeling, visualization and cartography services. Bayanat’s solutions harness vast amounts of premium and unique data from a range of sources including ​various types of satellites such as Synthetic Aperture Radar (SAR) satellite, Optic Satellite, as well as​ ​High ​Altitude Platform Stations (HAPS) and ​conventional mapping and surveying​ powered by AI to drive geospatial intelligence (gIQ).

For more information, visit: www.bayanat.ai; follow us on X (formerly Twitter): @Bayanatg42

ABOUT YAHSAT 

Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange (ADX) and a subsidiary of Mubadala Investment Company PJSC, offering multi-mission satellite solutions in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia. 

Yahsat’s fleet of 5 satellites reaches more than 80% of the world’s population, enabling critical communications including broadband, broadcasting, backhauling and mobility solutions. Based out of Abu Dhabi in the UAE, Yahsat provides C, Ku, Ka and L-band satellite communications solutions for land, maritime and aero platforms to consumers, governments and enterprises. Its businesses consist of Yahsat Government Solutions, Thuraya, YahClick (powered by Hughes) and YahLink. Yahsat also participates in Hughes do Brasil, an equity partnership with Hughes, and Yahlive, an equity partnership with SES. In 2020, Yahsat commenced construction of Thuraya 4, the next generation telecommunications system for Thuraya, which is due to enter service in 2025. In 2023, Yahsat commenced construction of two new software-defined telecommunication satellites, Al Yah 4 and Al Yah 5, which are expected to be launched in 2027 and 2028, respectively.

For more information, visit: www.yahsat.com ; follow us on X (formerly Twitter): @YahsatOfficial