United Arab Emirates-based Yahsat has completed its acquisition of a majority and controlling stake in the mobile satellite services operator Thuraya.
Yahsat said the agreement will significantly expand its current satellite solutions portfolio and creates a strong platform to capture the growing opportunity around IoT and M2M applications.
“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 M. 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.
“We are excited about growing together and understanding how we can work in unison, share new ideas, and ultimately serve our customers better.”
With the close of the deal, the general manager of Yahsat Government Solutions, Ali Al Hashemi, has been named as Thuraya’s new CEO and will take up the job alongside his existing responsibilities.
Yahsat’s chief technology officer, Marcus Vilaςa, becomes Thuraya’s CTO while also continuing his current role.
Meanwhile, Yahsat chairman and advisor to the CEO, Shawkat Ahmed, has been appointed as Thuraya’s chief commercial officer, succeeding acting CCO Rashid Baba.
Yahsat first announced it was buying a majority stake in Thuraya in April.
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