YahSat, Bayanat merger moves closer
March 28, 2024
By Chris Forrester
Abu Dhabi-based businesses, YahSat and Bayanat, announced their merger last December. The final stage in the plan which is to create a new holding company called Space42 is close.
Both companies in the merger have announced special General Assembly meetings to be held simultaneously on April 25th in order to vote on the scheme. The plan is that Bayanat would hold 54 per cent of the merged business, with YahSat holding 46 per cent.
Space42 will serve as an AI-powered space technology player in the MENA region. The pair claim the merger would create one of the most valuable publicly listed space companies in the world with additional potential for significant global growth and synergies.
The combined companies will have a pro-forma revenue of some 2.8 billion Dirhams (about €0.7bn) and net income of 637 million Dirhams based on last year’s trading.
The merger is subject to a number of conditions, including regulatory approvals from governmental authorities including the Securities and Commodities Authority, the Abu Dhabi Registration Authority, and various international regulatory authorities, and the approval of shareholders representing 75 per cent of the voting rights present at a quorate General Assembly Meeting of each of Bayanat and Yahsat. Both companies will continue to operate independently until the merger is effective.