The combination will bring together complementary capabilities to create a UAE-based space technology champion with an implied market capitalization of over AED 15 billion (over USD 4 billion), based on both entities' closing share prices as at 18 December 2023, and a free float of 21%, with further significant upside potential for revenue growth and synergies
The combined entity will create a vertically integrated leading provider of AI-powered geospatial and mobility solutions, satellite communications and business intelligence
The merger will establish a platform for transformative technologies to enable space-based services with significant impact on societies and economies
The combined entity will yield considerable revenue synergies and economies of scale, and will best position the organisation for innovation and profitable growth
Bayanat and Yahsat shareholders will own 54% and 46% respectively of the new combined entity, with strong institutional backing from G42, Mubadala and IHC, which will own approximately 42%, 29% and 8% respectively
Abu Dhabi, 19 December 2023: Bayanat AI PLC ( Bayanat ), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. ( Yahsat ), a leading global satellite operator, announced today that their respective Boards of Directors have unanimously voted to recommend to shareholders a merger of the two Abu Dhabi-headquartered and ADX-listed entities.
The proposed merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over AED 15 billion (over USD 4 billion), based on both entities' closing share prices as at 18 December 2023, the last day of trading prior to announcement of the merger. This would make it one of the most valuable publicly listed space companies in the world by market capitalization, with additional potential for significant global growth and synergies. The combined entity will be vertically integrated and optimally positioned to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence. With a strengthened financial position, enhanced AI-powered technological capabilities and a diversified product portfolio, the combination will also establish a platform for transformative technologies to enable space-based services with significant impact on societies and economies. It is moreover expected to benefit from considerable revenue synergies and economies of scale that will best position the organization for innovation and profitable growth.
The proposed transaction will be executed through a share swap with Bayanat as the remaining legal entity. Bayanat shareholders will own approximately 54% and Yahsat shareholders approximately 46% of the combined entity. Bayanat and Yahsat have each, in line with international best practice, obtained independent fairness opinions from Houlihan Lokey and FTI Capital Advisors (respectively). Group 42 (G42), Mubadala Investment Company (Mubadala) and International Holding Company (IHC) will own approximately 42%, 29% and 8% of the combined entity respectively.
H.E. Tareq Al Hosani, Chairman of Bayanat, said: This merger will unite two leading home-grown companies to create the MENA region's first AI-powered space technology company. Leveraging our complementary assets, capabilities and ambitions will allow us to expand across the space value chain and offer an unparalleled service to our combined customer base. Together, we will leverage our key synergies to reinforce our position as a key engine of growth and strategic solutions provider to the UAE government and its agencies, while expanding our reach to global customers.
Musabbeh Al Kaabi, Chairman of Yahsat, said: The merger is a compelling opportunity to amplify value creation for shareholders, utilizing synergies and strategic consolidation to create a technologically advanced champion, further reinforcing the UAE's position as a leader in the AI and space sectors. The enlarged entity will benefit from accelerated growth potential as a player of scale with enhanced competitive advantage. This growth will be driven by our access to high-growth markets via cutting-edge technologies and an increased base of local and global customers, in addition to strong financials that allow us to pursue more ambitious growth opportunities. We look forward to working together for the realisation of our shared ambition.
The merger is subject to a number of conditions, including regulatory approvals from governmental authorities including the Securities and Commodities Authority and the ADGM Registration Authority and the approval of shareholders representing 75% of the voting rights present and voting at a quorate general assembly meeting of each of Bayanat and Yahsat.
Bayanat and Yahsat will continue to operate independently until the merger is effective, which is expected to take place in the second half of 2024.
-Ends-
OTHER INFORMATION
A dedicated transaction microsite is available at: www.asharedambition.com
Further information on the Bayanat and Yahsat General Assembly Meetings will be sent to the Bayanat and Yahsat shareholders in due course and contained in the shareholder circular to be issued in connection with the transaction.
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 o
Middle East Stories
12/03/2025
Abu Dhabi, United Arab Emirates, and Copenhagen, Denmark: 12 March 2025: Space42...
11/03/2025
Abu Dhabi, UAE and Carlsbad, California 12 March 2025 Space42, (ADX: SPACE42...
03/03/2025
Abu Dhabi, UAE 3 March 2025 Thuraya, the satellite mobility arm of Space42, has Introduced Thuraya One, an Android 14 smartphone with built-in satellite cap...
27/02/2025
Abu Dhabi, UAE, 27 February 2025: Space42 PLC ( Space42 or the Company ), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite comm...
19/02/2025
Collaboration enables long-term testing and evaluation support for HAPS platform...
18/02/2025
The AED 378 million contract between Space42's Bayanat Smart Solutions and EDGE's FADA will enhance the nation's geospatial capabilities over the ne...
17/02/2025
The joint venture will leverage Space42's and FADA's advanced technologi...
11/02/2025
Space42's debut at IDEX highlights AI-powered space technologys role in modern defense and security
The Space42 stand will have live demonstrations of mult...
15/01/2025
Foresight-1 and Foresight-2 will boost UAE's earth observation capabilities
Comprising the latest SAR technology in cooperation with ICEYE
Abu Dhabi, U...
04/01/2025
Thuraya 4 will provide more secure capacity, faster speeds, and wider coverage across Africa, Europe, Central Asia and the Middle East
Launching the busines...
04/01/2025
Abu Dhabi, 04 January, 2025 :
Thuraya 4 will provide more secure capacity, faster speeds, and wider coverage across Africa, Europe, Central Asia and the M...
17/12/2024
Abu Dhabi, UAE, 17 December 2024: Space42 (ADX: SPACE42), the UAE-based AI-power...
10/12/2024
Abu Dhabi, UAE - 10 December 2024 Space42's Thuraya 4 telecommunications satellite, built by Airbus, has reached its destination at the Kennedy Space Cent...
09/12/2024
- The strategic joint venture addresses the growing demand for SAR satellite ima...
21/11/2024
Construction is underway at First Westlake Logistics Park
Construction on First Gulfs latest industrial development First Westlake Logistics Park in Ja...
19/11/2024
The appointment reflects Space42s commitment to building a dynamic market enviro...
11/11/2024
Space42 and the Ministry of Education launch SpaceTech educational campaign for ...
30/10/2024
The launch follows the successful implementation on 27 oil wells using an oil an...
28/10/2024
The multi-design, state-of-the-art Space42 Arena in Al Raha Beach, Abu Dhabi w...
15/10/2024
Dubai, 15 October, 2024 : Space42 and nybl unveil revolutionary AI solution to ...
01/10/2024
Space42 is a new, UAE-based AI-powered SpaceTech company with a global reach, in...
05/09/2024
In a milestone for Bronte Station Business Park, Element Materials Technology, a global leader in materials and product qualification testing, inspection, and ...
30/07/2024
Resilient first half performance with stable Normalised EBITDA and net income
Revenue, profitability and cash flow guidance reiterated for the full year
Abu D...
18/07/2024
Yahsat accelerates efforts to expand in Zimbabwe following agreement with Satcom...
10/06/2024
- Fully flexible, software-defined payloads will allow in-orbit reconfiguration of coverage area, capacity and communication frequencies
- Full programme cost...
29/05/2024
Marrakech, Morrocco, 29 May, 2024 : Marrakech, Morrocco, 29 May 2024: Al Yah Sa...
24/05/2024
The certification underscores world-class standards of services at Yahsat's Abu Dhabi Teleport
Abu Dhabi, United Arab Emirates, 21 May 2024: Al Yah Satelli...
22/05/2024
EUTELSAT KONNECT satellite will enhance Yahsat's satellite network with mult...
15/05/2024
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
15/05/2024
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
14/05/2024
Highest ever Q1 revenue with Normalised EBITDA growth of 7%
Profitability, cash flow and capital expenditure guidance reiterated
Abu Dhabi, United Arab Emirat...
10/05/2024
Abu Dhabi, 10 May 2024: Further to our previous communications about the unexpec...
10/05/2024
Abu Dhabi, 10 May, 2024 : Abu Dhabi, 10 May 2024: Further to our previous commu...
09/05/2024
The visit discussed potential for Yahsat to expand its presence in South Africa ...
25/04/2024
Bayanat AI PLC (ADX: BAYANAT), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (ADX: YAHSAT), the UAE&#...
23/04/2024
The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and...
23/04/2024
Abu Dhabi, 23 April, 2024 : Partnership delivers greater cybersecurity to Thura...
02/04/2024
Abu Dhabi, 02 April, 2024 : Abu Dhabi, United Arab Emirates, 2 April 2024: Thur...
01/04/2024
Mr. Somani will oversee the development and implementation of the company's growth strategy and spearhead global strategic partnerships
Abu Dhabi, United A...
21/03/2024
- A circular was issued today setting both entities' General Assembly Meetin...
21/03/2024
- A circular was issued today setting both entities' General Assembly Meetin...
18/03/2024
Abu Dhabi, 18 March, 2024 : Abu Dhabi, 18 March 2024: Thuraya Telecommunication...
18/03/2024
Abu Dhabi, 18 March, 2024 : Abu Dhabi, 18 March 2024: Thuraya Telecommunication...
22/02/2024
Abu Dhabi , 22 February, 2024 : The first universal Direct-to-Device (D2D) Android smartphone with satellite voice and SMS capability
Abu Dhabi, 22 February 2...
22/02/2024
Abu Dhabi , 22 February, 2024 : The first universal Direct-to-Device (D2D) Andr...
21/02/2024
The industry disruptive strategy is primed to transform the lives of billions of...
20/12/2023
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...
20/12/2023
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...
19/12/2023
The combination will bring together complementary capabilities to create a UAE-b...
The combination will bring together complementary capabilities to create a UAE-based space technology champion with an implied market capitalization of over AED 15 billion (over USD 4 billion), based on both entities' closing share prices as at 18 December 2023, and a free float of 21%, with further significant upside potential for revenue growth and synergies
