Bayanat AI, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company, a leading global satellite operator, have announced plans for a merger.
After the merger of these two Abu Dhabi-headquartered and ADX-listed entities, the new group will be named Space42.
The proposed merger, say the partners, will create an artificial intelligence (AI)-powered space technology champion in the MENA region with an implied market capitalisation of over $US4 billion.
This would make Space42 one of the most valuable publicly listed space companies in the world by market capitalisation, and, the partners say, there is potential for significant global growth and synergies.
The combined entity will be vertically integrated and optimally positioned to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence.
The two UAE companies say that, with a strengthened financial position, enhanced AI-powered technological capabilities and a diversified product portfolio, the combination will also establish a platform for transformative technologies to enable space-based services with significant impact on societies and economies.
Space42 is also expected to benefit from considerable revenue synergies and economies of scale that will best position the organisation for innovation and profitable growth.
The merger is still subject to a number of conditions. Bayanat and Yahsat will continue to operate independently until it is effective, which is expected to be some time during the second half of 2024.
