Sign in
Bayanat and Yahsat shareholders signed off yesterday on a proposed merger between the two companies, according to an ADX disclosure (pdf). The merger will create a new entity, Space42, which is set to become the first AI-powered space tech company in the MENA region. The two companies had first announced their plans to merge back in December.
Refresher: The merger — which is expected to be valued at AED 15 bn (c.USD 4 bn) — will be executed via a share swap, with Bayanat holding 54% of Space42 and Yahsat holding the remaining balance.
What’s next? The transaction is now pending regulatory approval before it’s executed. The companies had previously said they expect the merger to come into effect in 2H 2024. Post-merger, Yahsat will delist from the ADX.
Advisors: Houlihan Lokey counseled Bayanat with FTI Capital Advisors offering advisory support to Yahsat.
