BENGALURU: Eutelsat Communications SA (ETL) Thursday announced a successful completion of its all-share combination with Bharti-backed OneWeb, a low Earth orbit (LEO) satellite communications network firm, forming the Eutelsat Group.
While the company remains headquartered in Paris, OneWeb will operate as Eutelsat OneWeb, with its centre in London. ETL remains listed on Euronext Paris and seeks a standard listing on the London Stock Exchange (LSE).
The merged entity will have Bharti Enterprises as its largest shareholder with 21.2% share and Sunil Bharti Mittal will be the vice-president (co-chair) while Shravin Bharti Mittal, who spearheaded the OneWeb investment will be Bharti’s lead as a director on the Eutelsat Board. Akhil Gupta will continue to serve as a director on the board of OneWeb, now a 100% subsidiary of Eutelsat.
“The merger positions the newly formed Eutelsat Group as a global leader in space communications, leveraging Eutelsat’s GEO (geostationary orbit) fleet and OneWeb’s LEO constellation for integrated connectivity services. With OneWeb’s network going global in 2023, the combined GEO-LEO service will open up new markets, including Fixed Connectivity, Government Services, Mobile Connectivity, and advanced Broadcast and video services,” a statement issued Thursday read.
The statement added that expectations were high for the entity’s growth, with double-digit revenue (at compound annual growth rate) reaching approximately €2 billion in 2027, outpacing revenue growth in adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation).
“Eutelsat Group reaffirms its commitment to pioneering the satellite industry and pushing the boundaries of space technology innovation,” the statement read.
Sunil Bharti Mittal, vice-president (co-chair) of the board of directors said the 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,” Mittal added.
While the company remains headquartered in Paris, OneWeb will operate as Eutelsat OneWeb, with its centre in London. ETL remains listed on Euronext Paris and seeks a standard listing on the London Stock Exchange (LSE).
The merged entity will have Bharti Enterprises as its largest shareholder with 21.2% share and Sunil Bharti Mittal will be the vice-president (co-chair) while Shravin Bharti Mittal, who spearheaded the OneWeb investment will be Bharti’s lead as a director on the Eutelsat Board. Akhil Gupta will continue to serve as a director on the board of OneWeb, now a 100% subsidiary of Eutelsat.
“The merger positions the newly formed Eutelsat Group as a global leader in space communications, leveraging Eutelsat’s GEO (geostationary orbit) fleet and OneWeb’s LEO constellation for integrated connectivity services. With OneWeb’s network going global in 2023, the combined GEO-LEO service will open up new markets, including Fixed Connectivity, Government Services, Mobile Connectivity, and advanced Broadcast and video services,” a statement issued Thursday read.
The statement added that expectations were high for the entity’s growth, with double-digit revenue (at compound annual growth rate) reaching approximately €2 billion in 2027, outpacing revenue growth in adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation).
“Eutelsat Group reaffirms its commitment to pioneering the satellite industry and pushing the boundaries of space technology innovation,” the statement read.
Sunil Bharti Mittal, vice-president (co-chair) of the board of directors said the 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,” Mittal added.
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