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Allen & Overy advises Mubadala and Yahsat on landmark IPO

A cross border Allen & Overy team has advised Yah Satellite Communications Company PJSC (“Yahsat”), a leading satellite communications services provider, and its shareholder, Mubadala, on the IPO and listing of Yahsat on the Abu Dhabi Securities Exchange (“ADX”).

The IPO of Yahsat is a strategically important and landmark transaction for Mubadala and the UAE and represents the first ever IPO of a Mubadala subsidiary supported since inception.

The transaction, which is one of the most successful IPOs in the region in the last decade, has led to substantial engagement and interest from high quality, global institutional investors, allowing for increased foreign direct investment into the UAE and paving the way for further interest and investment in similar, future transactions, on top of the high demand and interest from local retail investors.

Through the IPO, Mubadala was able to raise AED2.68 billion (USD730 million) by selling a 40% stake, resulting in Yahsat’s market capitalisation of approximately AED6.7bn (USD1.82bn).

The Allen & Overy team was led by Abu Dhabi Managing Partner Ibrahim Mubaydeen, Middle East Regional Managing Partner Khalid Garousha and US securities partner Sachin Dave, supported by a cross border team including associates Faisal Buali, Julian Veshi, Katrien Wilmots and Huw Thomas.

Commenting on the transaction, Khalid Garousha said: “The IPO and listing marks a monumental achievement for Mubadala, Yahsat and the UAE more broadly. We are privileged to have been given the opportunity to support Mubadala and Yahsat on this ground-breaking transaction – the first listing on the UAE exchanges since 2017, which last saw the UAE listings of ADNOC Distribution and Emaar Development, each of which A&O also advised on. We are very proud to be the only law firm to have advised on each of the last three successful UAE listings, cementing our position as the region’s leading ECM legal practice.”