Bayanat & Yahsat shareholders approve merger to set up SPACE42

Bayanat & Yahsat shareholders approve merger to set up SPACE42

Bayanat, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider, have announced that their shareholders have approved the proposed merger of the two Abu Dhabi-headquartered entities. The merger will create SPACE42, a global AI-powered space technology champion based in the Middle East North Africa (MENA) […]Bayanat, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider, have announced that their shareholders have approved the proposed merger of the two Abu Dhabi-headquartered entities.

The merger will create SPACE42, a global AI-powered space technology champion based in the Middle East North Africa (MENA) region with global reach.

The merger was initially proposed by the respective Boards of Directors on 18 December 2023 and is expected to become effective by mid-2024.

The new entity will consolidate Bayanat’s advanced Geospatial Artificial Intelligence (AI) capabilities with Yahsat’s advanced Satellite communications capabilities to create new space-based services that will have a significant positive impact on societies and economies.

Further, SPACE42 will provide an expanded scope of service offerings and vertical integration opportunities, enabling it to offer a differentiated value proposition, utilize economies of scale, and improve profitability across the value chain.

According