Bayanat-Yahsat merged entity renamed as Space42

Bayanat-Yahsat merged entity renamed as Space42

Published: Wed 20 Dec 2023, 8:54 PM

Further to the announcements made by Bayanat AI PLC (Bayanat) and Al Yah Satellite Communications Company (Yahsat) earlier this week on the recommendation to shareholders by their respective Board of Directors for a merger of the two Abu Dhabi-headquartered and ADX-listed entities, the enlarged entity will be named Space42 post-merger.

The proposed merger will create an AI-powered space technology champion in the MENA region with additional potential for significant global growth and synergies. With a strengthened financial position, enhanced AI-powered technological capabilities and a diversified product portfolio, 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.

It is expected to benefit from considerable revenue synergies and economies of scale that will best position the organization for innovation and profitable growth.

On completion of the merger, Mansoor Al Mansoori will assume the role of Chairman, Dr. Bakheet Al Katheeri as Vice Chairman and Karim Michel Sabbagh will join as Managing Director of Space42.

Together, they will oversee the enlarged entity working closely with the existing management teams of Bayanat and Yahsat, as it seeks to capture regional and international opportunities in geospatial