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Eutelsat and OneWeb join forces to create a major player in satellite business

Source: Eutelsat/OneWeb

Eutelsat Communications and key OneWeb shareholders have signed a Memorandum of Understanding with the objective of creating a leading global player in connectivity through the combination of both companies in an all-share transaction. Eutelsat will combine its 36-strong fleet of GEO satellites with OneWeb’s constellation of 648 Low Earth Orbit satellites, of which 428 are currently in orbit.

Image: Eutelsat/OneWeb.
Image: Eutelsat/OneWeb.

The transaction would be structured as an exchange of OneWeb shares by its shareholders (other than Eutelsat) with new shares issued by Eutelsat, such that, at closing, Eutelsat would own 100% of OneWeb (excluding the ‘Special Share’ of the UK Government). OneWeb shareholders would receive 230 million newly issued Eutelsat shares representing 50% of the enlarged share capital.

The potential transaction builds on the deepening collaboration between Eutelsat and OneWeb, begun with the equity stake acquired by Eutelsat in OneWeb in April 2021, the global distribution agreement between Eutelsat and OneWeb announced in March 2022, and the new exclusive commercial partnership, addressing mainly the European and global cruise markets, signed today.

For details click this link.

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