Etisalat sells Thuraya stake for $37 million

WASHINGTON — Emirati telecommunications firm Etisalat has bought its 28 p.c stake in satellite tv for pc operator Thuraya to fellow Emirati satellite tv for pc operator YahSat for $37 million.

Etisalat, which helped create Thuraya by main a formative $500 million funding spherical in 1997, knowledgeable the Abu Dhabi Securities Alternate of the sale in an Aug. 1 letter from Etisalat Chief Monetary Officer Serkan Okandan. The securities alternate launched the letter Aug. 2.

YahSat introduced intentions to acquire a majority stake in Thuraya, an operator of two L-band satellites used for voice and knowledge companies, in April. Okandan stated Etisalat bought its shares of Thuraya to a YahSat firm referred to as Star Satellite tv for pc Communications Firm following the completion of regulatory approvals and “YahSat’s situation of buying not less than 75.001% of Thuraya.”

YahSat operates a fleet of three satellites, offering tv broadcast and knowledge connectivity companies in Europe, the Center East, Africa and Brazil.

The precise measurement of Etisalat’s stake was 28.042 p.c.