News Satellite

Etisalat completes Thuraya sale to Yahsat

Star, a special purpose vehicle owned by Yahsat, acquired the stake after receiving regulatory approvals, and meeting Yahsat’s condition of "acquiring at least 75.001% ownership in Thuraya".

Etisalat has completed the sale of its 28.042 % stake in Thuraya Telecommunications company for $37 million to Star Satellite Communications, a subsidiary of Al Yah Satellite Communications Company (Yahsat).

Star, a special purpose vehicle owned by Al Yah Satellite Communications (Yahsat), acquired the stake after receiving regulatory approvals, and meeting Yahsat’s condition of “acquiring at least 75.001% ownership in Thuraya,” a press statement from Etisalat said.

In April, Etisalat signed an agreement with Star to sell its 28.042% stake in Thuraya Telecommunications Company.