Posted 3/21/2024, 4:48:12 AM
UAE Space Tech Giant Space42 to Launch with $3.3B Valuation After Bayanat and Yahsat Merger
- UAE's new space tech company Space42 will have $3.3 billion market cap based on Bayanat and Yahsat share prices
- Merger of AI company Bayanat and satellite services provider Yahsat to create Space42 was announced in December
- Space42 will have $4 billion in assets, $270 million revenue, $67 million profit based on pro forma financials
- Yahsat shareholders will get 0.897 new Bayanat shares for each Yahsat share once merger approved
- Merger aims to establish platform for space-based services using AI; expects regulatory approval in Q3 2024