Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat) have announced that their merger is set to be finalised on October 1, 2024.
In a recent disclosure to the Abu Dhabi Securities Exchange (ADX), Bayanat revealed that Yahsat shares will be de-listed from ADX after the close of trading on September 30, 2024. All Yahsat assets and obligations will then be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be allocated to Yahsat shareholders.
On October 1, Bayanat will adopt the new trading symbol ‘SPACE42’ and will continue to trade on ADX under this symbol.
The merger will lead to the creation of SPACE42, a global AI-powered space technology leader based in the MENA region with a worldwide reach.
“SPACE42 is one of the first to act on the opportunity to unlock the full potential of space and ground systems operations through AI-enabled solutions,” Hasan Al Hosani, Managing Director of Bayanat, told Finance Middle East earlier in the summer. “The newly formed entity is expected to become one of the most valuable publicly listed space tech companies globally, with significant potential for further growth and synergies.”
The new entity will integrate Bayanat’s advanced geospatial artificial intelligence (AI) capabilities with Yahsat’s Satellite communications expertise to develop new space-based services, expected to have a significant positive impact on societies and economies.
SPACE42 is set to have a combined revenue of Dh2.8 billion and a net income of Dh639 million based on the recent 2023 financial results.
