Wed. Jun 19th, 2024


Eutelsat Communications SA, a prominent satellite operator, has completed its merger with OneWeb, a global low Earth orbit (LEO) satellite communications network. This all-share combination deal will help companies leverage each other’s strengths in the satellite communication industry.
The merged company, headquartered in Paris, will have Bharti Enterprises as its largest shareholder, owning 21.2% of the shares.
Bharti Group is committed to being a long-term strategic investor in the Eutelsat Group. Mr. Sunil Bharti Mittal will serve as the Vice-President (Co-Chair), while Mr. Shravin Bharti Mittal, who led the OneWeb investment out of Chapter 11, will be Bharti’s lead Director on the Board of Eutelsat. Mr. Akhil Gupta will continue to serve as a Director on the Board of OneWeb, a fully-owned subsidiary of Eutelsat.
OneWeb will operate commercially as Eutelsat OneWeb, a subsidiary based in London. The company will remain listed on the Euronext Paris Stock Exchange and has applied for standard listing on the London Stock Exchange. The new entity will be called the Eutelsat Group, the first GEO-LEO integrated satellite group to revolutionize space communications and address the rapidly expanding connectivity market.
Sunil Bharti Mittal, Founder and chairman of Bharti Enterprises, President (Co-Chair) of the Board of Directors of Eutelsat Group, said, “Closing the digital divide is a critical mission for achieving the UN Sustainable Development Goals and this combination will synergize the efforts of both the businesses and will accelerate our progress. I want to
thank everyone who has made this possible. Today we have created a company, which will bring connectivity to all people around the world and will help us achieve our mission of last-mile connectivity. Bharti is excited about providing services in India later this year and importantly, reaching other countries in the global south to provide broadband connectivity to those who are deprived of being a part of the Digital Revolution.”


Source link