Eutelsat Group announces the completion of its all-share combination with OneWeb
Eutelsat Communications SA, one of the world’s leading satellite operators, has announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network. The merger, which was approved by the shareholders of Eutelsat, created the first GEO-LEO integrated satellite group with the aim of addressing the fast-growing connectivity market.
The merged entity, headquartered out of Paris, will have Bharti Enterprises as its largest shareholder with 21.2% share. Sunil Bharti Mittal, the founder and chairman of Bharti Enterprises, will be the President (Co-Chair) of the Board of Directors of Eutelsat Group. Shravin Bharti Mittal, who led the OneWeb investment and rescued the company from bankruptcy, will be Bharti’s lead as a Director on the Board of Eutelsat. Akhil Gupta will continue to serve as a director on the board of OneWeb.
OneWeb will operate commercially as Eutelsat OneWeb with its centre of operations remaining in London. The company is listed on the Euronext Paris Stock Exchange and has also applied for standard listing on the London Stock Exchange.
The combination of Eutelsat and OneWeb will create a unique portfolio of satellite assets, covering both geostationary orbit (GEO) and low Earth orbit (LEO). The GEO satellites provide high-capacity and high-availability services across a wide geographic footprint, while the LEO satellites offer low-latency and global coverage. Together, they will enable Eutelsat Group to offer a range of solutions for various markets.
Bharti Mittal, Vice-President (Co-Chair) of the Board of Directors, commented: “This exciting combination will be transformative for communities and businesses worldwide, utilising the unique blend of GEO and LEO technologies. This is a major milestone for us, our partners, and the customers we serve. The business combines compelling strategy, technology, and talent to deliver across several markets and verticals and together we are well-positioned to deliver value for all our shareholders.”
Eva Berneke, CEO of Eutelsat, added: “We can address a wider range of customer requirements and provide hybrid connectivity services where they are required worldwide, all with industry leading resilience. As we continue our track record of innovation to develop future generations of satellite technology, we can unlock significant value both for customers and shareholders.”
Source:indianexpress.com