The anticipated merger of Bayanat, an AI-powered geospatial solutions provider, and Yahsat, the UAE’s flagship satellite operator, is now close to completion.
The shareholders of both companies approved the proposed merger of the two Abu Dhabi-headquartered entities late last week. The merger, initially proposed by the respective boards of directors late last year, is expected to become effective by the middle of this year.
The result will be the creation of SPACE42, a global AI-powered space technology company.
Announcing the new entity, Yahsat explained that it will consolidate Bayanat’s advanced geospatial artificial intelligence (AI) capabilities with Yahsat’s advanced satellite communications capabilities to create new space-based services that will have a significant positive impact on societies and economies.
SPACE42, says Yahsat, will provide an expanded scope of service offerings and vertical integration opportunities, enabling it to offer a differentiated value proposition, utilise economies of scale and improve profitability across the value chain.
The company pinpoints opportunities in AI-powered geospatial and mobility solutions, Earth observation, satellite communications, IoT, and business intelligence. It aims to expand services to UAE government anchor customers and seize commercial opportunities across regional and international markets. Indeed, Yahsat suggests that SPACE42 is “poised to become one of the world's most valuable publicly listed space companies”.
The merger is subject to further regulatory approvals in the UAE and internationally. Both companies will continue to operate independently until the merger is effective.
