The Yahsat and Bayanat boards have recommended the deal to their shareholders, the companies' joint statement said. Yahsat's lead investor is sovereign wealth fund Mubadala Investment Co which will end up with 29 per cent of the combined business. From Yahsat's point of view, the combined group will allow more ambitious growth opportunities. Yahsat also owns satellite-phone and data connectivity business Thuraya. Mansoor Al Mansoori, who chairs the Department of Health in Abu Dhabi and is a former chairman of Bayanat, would be chair of Space42. Bakheet Al Katheeri, CEO of Mubadala's UAE Investments platform, would be vice chairman of the merged group. The implied valuation of the combined entity is 15 billion dirhams (€3.4bn) based on December 18th closing share prices, with the proposed deal leaving Bayanat as the legal controlling entity.