Mubadala Investment Company’s wholly owned UAE-based global satellite operator, Yahsat, has completed the acquisition of a majority and controlling stake in mobile satellite services operator Thuraya, it was announced on Sunday.
Ali Al Hashemi, head of Yahsat Government Solutions, has been named as Thuraya’s new CEO, while former CEO Ahmed Al Shamsi will remain as an advisor. Ali Al Hashemi will also remain at his current position at Yahsat.
"The Thuraya acquisition provides us with an ideal opportunity to grow and diversify our business, bolstering our satellite solutions capabilities on both government and commercial fronts,” said Yahsat CEO Masood Sharif Mahmood.
“By integrating the portfolios of the two companies under the leadership of Ali Al Hashemi, we will together be able to offer a comprehensive mobile and fixed satellite services portfolio, further strengthening our value proposition to our customers.”
Yahsat also named Marcus Vilaca as Thuraya’s new chief technical officer, with Shawkat Ahmed named as chief commercial officer.
According to Yahsat, the acquisition of Thuraya will help expand the company’s satellite solutions portfolio for both commercial and government clients and create a strong platform through which to capture growing opportunities in Internet of Things and machine-to-machine applications.
Thuraya’s two satellites, which serve over 160 countries, will bring the number of satellites in the group’s fleet to five.
Last week, UAE-based telco Etisalat completed the sale of its stake in Thuraya for AED 137 million ($37 million) to Star Satellite Communications.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.