Neo Space Group Acquires Airbus' UP42 Business
Deal News | Dec 04, 2024 | Zawya
Neo Space Group (NSG), a company owned by Saudi Arabia's sovereign wealth fund PIF, has signed a definitive agreement to acquire UP42, an Earth observation digital platform, from Airbus Defence and Space. The acquisition aligns with NSG's strategic role in providing Earth Observation (EO) services in Saudi Arabia, as granted by the Communications, Space, and Technology Commission. UP42, launched in 2019 and based in Berlin, Germany, streamlines access to geospatial data through a cloud-based platform. NSG plans to integrate UP42 into its Geospatial division, building on its previous acquisition of Taqnia ETS. The acquisition is set to enhance NSG's ability to deliver geospatial insights and support Saudi Arabia's Vision 2030, as well as foster innovation in the geospatial sector globally. UP42's CEO, Sean Wiid, expressed enthusiasm for joining NSG, highlighting the potential to develop a robust Earth observation ecosystem in Saudi Arabia.
Sectors
- Aerospace
- Geospatial Services
Geography
- Saudi Arabia – Neo Space Group is a Saudi-based company, and the acquisition aligns with Saudi Vision 2030.
- Germany – UP42, the target company in the acquisition, was launched by Airbus in Berlin, Germany.
Industry
- Aerospace – The article involves Airbus Defence and Space, which operates within the aerospace industry, specifically in geospatial services and satellite technology.
- Geospatial Services – The acquisition of UP42, a geospatial data platform, positions the article firmly within the geospatial services industry.
Financials
- – No specific financial details of the acquisition have been disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neo Space Group | Acquiring Company | Company | A global space and satellite services company owned by Saudi Arabia's PIF, engaging in the acquisition of UP42. |
| Airbus Defence and Space | Selling Company | Company | A division of Airbus Group involved in the selling of UP42 to Neo Space Group. |
| PIF (Public Investment Fund) | Parent Company | Company | The Saudi sovereign wealth fund that owns Neo Space Group. |
| UP42 | Target Company | Company | A digital platform for Earth observation, offering access to geospatial data services, sold by Airbus to Neo Space Group. |
| Martijn Blanken | CEO of Neo Space Group | Person | Chief Executive Officer of Neo Space Group, overseeing the acquisition. |
| Sean Wiid | CEO of UP42 | Person | Chief Executive Officer of UP42, involved in transitioning the company to new ownership under NSG. |