Thuraya's Sharjah gateway. Credit: Thuraya

WASHINGTON — Emirati telecommunications company Etisalat has sold its 28 percent stake in satellite operator Thuraya to fellow Emirati satellite operator YahSat for $37 million.

Etisalat, which helped create Thuraya by leading a formative $500 million investment round in 1997, informed the Abu Dhabi Securities Exchange of the sale in an Aug. 1 letter from Etisalat Chief Financial Officer Serkan Okandan. The securities exchange released the letter Aug. 2.

YahSat announced intentions to acquire a majority stake in Thuraya, an operator of two L-band satellites used for voice and data services, in April. Okandan said Etisalat sold its shares of Thuraya to a YahSat company called Star Satellite Communications Company following the completion of regulatory approvals and “YahSat’s condition of acquiring at least 75.001% of Thuraya.”

YahSat operates a fleet of three satellites, providing television broadcast and data connectivity services in Europe, the Middle East, Africa and Brazil.

The exact size of Etisalat’s stake was 28.042 percent.

Caleb Henry is a former SpaceNews staff writer covering satellites, telecom and launch. He previously worked for Via Satellite and NewSpace Global.He earned a bachelor’s degree in political science along with a minor in astronomy from...