BoA, Morgan Stanley to advise on Yahsat IPO
Bank of America and Morgan Stanley have been hired as advisors for the potential initial public offering (IPO) of Al Yah Satellite Communications Company (Yahsat).
The satellite operator is owned by Mubadala – Abu Dhabi's $232 billion state-controlled wealth fund – and as such is expected to be listed on the Abu Dhabi Securities Exchange (ADX), according to sources who spoke with Bloomberg.
They disclosed that Bank of America (BoA) and Morgan Stanley were hired as advisors for the IPO last week, however no party has officially confirmed they are working on the project.
The satellite firm has reportedly been involved in conversations with various financial institutions since February as it explored the possibility of an IPO. In March, sources told Reuters that meetings had been held with banks.
The developments follow the appointment of CEO Ali Al Hashemi, who took the reins in April following the departure of Masood Sharif Mahmood. Al Hashemi was previously the CEO of mobile satellite services operator Thuraya, a position he was appointed to after Thuraya was acquired by Yahsat in 2018.
Last year Yahsat hired a new CFO, Andrew Cole, the former financial controller from SES, with 25 years of cross-sector experience from senior finance, operational and advisory roles.
Yahsat's five-sat fleet reaches more than 80% of the world's population, offering integrated satellite comms to more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia.
Last year, Yahsat commenced construction of T4-NGS, the next generation telecommunications system for Thuraya, which is due to be in service by 2024.