Yahsat to acquire majority stake in Thuraya
UAE satellite operator Yahsat to acquire mobile satellite services company
UAE satellite operator Yahsat has announced plans to take a majority stake in mobile satellite services company Thuraya.
Yahsat said it has entered into an agreement to acquire a majority stake Thuraya, the UAE's first home-grown satellite operator.
The company said it will add Thuraya's satellites, products and services to Yahsat's business, which will will significantly expand Yahsat's current satellite solutions portfolio for both commercial and government verticals, as well as its global footprint.
Thuraya's two satellites, serving over 140 countries, will join the Yahsat fleet, expanding the group's satellite fleet to five. The combination of geostationary satellites operating in the C, Ka, Ku and L-bands will jointly cover Europe, Africa, the Middle East, South America, and Asia, providing a broad range of Fixed and Mobile Satellite Services spanning voice and data communications to both commercial and government sectors.
The transaction is expected to close after customary conditions have been met and regulatory approvals have been obtained. The tender process will start shortly to offer current shareholders the option to participate in this sale.