Abu Dhabi-based satellite operator Yahsat is buying a controlling stake in fellow-Emirati satellite company Thuraya.
Thuraya operates in the L-band, and is well-known for its provision of sat-phone and other maritime and military services.
The acquisition of the UAE’s first home grown satellite operator, Thuraya, will significantly expand Yahsat’s current satellite solutions portfolio for both commercial and government verticals, as well as its global footprint. The acquisition will further enhance the UAE's position as a key player in the global space industry, said Yahsat in a statement.
The acquisition will set Yahsat on a new phase of growth with the potential to exploit , with Thuraya bringing 20 years of innovation and experience in the mobile satellite services market along with a rich portfolio of products and services complimented by a renowned brand.
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.
Terms were not disclosed. 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.