Etisalat offloads Thuraya stake to Yahsat

United Arab Emirates (UAE)-based telco Etisalat has completed the sale of its 28.04% stake in satellite communications provider Thuraya for AED137 million (USD37 million). Its shares were acquired by Star Satellite Communications, a unit of Al Yah Satellite Communications (Yahsat), under an agreement first announced in April this year. According to Etisalat, the deal takes Yahsat’s stake in Thuraya to over 75%. Both Thuraya and Yahsat are based in the UAE, and together the two companies operate five satellites which cover Europe, Africa, the Middle East, South America and Asia.