AI Space Company Founded By Yahsat and Bayanat
Posted on 12/19/2023
According to the European Space Agency, there are numerous benefits from the deployment of artificial intelligence in space. Per the Agency, “AI-equipped satellites could directly improve our lives on Earth, for example by more effectively detecting methane leaks and managing disasters from space. Others looked at how these smarter satellites could support more sustainable exploration of the Moon and make lunar rovers more independent.” It appears this is quickly becoming a reality.
A satellite company out of Abu Dhabi called Yahsat and analytics company Bayanat have announced their merger and the resulting formation of an AI space company. An all share deal resulted in US$ 4.1 billion market cap. Fundamentally, this will create a strategic solutions provider to the UAE government which may be scaled up. Bayanat Chairman Tareq Al Hosani said: “This merger will unite two leading home-grown companies to create the MENA region’s first AI-powered space technology company.”
The new business will count among its major shareholders G42 (42%), Mubadala Investment Company (29%), and International Holding Company (8%).
Advisor
Houlihan Lokey advised Bayanat and FTI Capital Advisors advised Yahsat.
