Bayanat and Yahsat to Vote on Merger to Create AI-powered Giant SPACE42
Bayanat AI PLC (“Bayanat”), a leading provider of AI-powered geospatial solutions, and Al Yah Satellite Communications Company P.J.S.C. (“Yahsat”), the UAE’s premier satellite solutions provider, have jointly announced their upcoming General Assembly Meetings (GAMs) scheduled for April 25, 2024.
Shareholders of both companies will convene simultaneously to vote on the proposed merger, following the unanimous recommendation by their respective Boards of Directors on December 19, 2023.
The merger aims to create SPACE42, a pioneering AI-powered space technology leader in the MENA region. This strategic move positions SPACE42 as one of the world’s most valuable publicly listed space companies, poised for substantial global expansion and synergies.
With a combined revenue of AED 2.8 billion and net income of AED 637 million based on their 2023 financial results, SPACE42 is poised to deliver significant value across upstream, midstream, and downstream solutions. The expanded scale of the merged entity will enhance service offerings and vertical integration opportunities, enabling it to deliver a distinct value proposition, leverage economies of scale, and enhance profitability throughout the value chain.
This transformative merger will capitalize on evolving market dynamics, facilitating the capture of regional and international opportunities in geospatial and mobility solutions, satellite communications, sustainability initiatives, and business intelligence.
