April 27, 2018 / 7:15 AM / 3 months ago

UAE's Yahsat to acquire satellite operator Thuraya

ABU DHABI, April 27 (Reuters) - The United Arab Emirates satellite operator Yahsat on Friday said it reached a deal to acquire a majority stake in fellow operator Thuraya.

The deal is subject to final pre-closing conditions being met, Yahsat said in a statement. It did not give specific details of the deal.

Thuraya, a UAE-based, 20-year old mobile satellite operator has two satellites that serve over 140 countries. Yahsat, a fixed satellite provider, owned by Abu Dhabi’s Mubadala Investment Company currently has three satellites.

“The acquisition will significantly expand Yahsat’s current satellite solutions portfolio for both commercial and government verticals as well as its global footprint,” the statement said.

The combined satellites will cover Europe, Africa, the Middle East, South America and Asia, providing fixed and mobile satellite services. (Reporting By Stanley Carvalho, editing by Jon Boyle)

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