Eutelsat has boosted its shareholding in satellite broadband operator OneWeb.
Eutelsat’s stake has been raised from 17.6 per cent to 22.9 per cent and it is paying an additional $165 million (€142.5m) for the investment. Eutelsat is using an option agreed when it invested $550 million in April this year.
“Since Eutelsat’s initial investment, OneWeb has gained significant traction, both operationally, with a 100 per cent launch success rate leading to nearly half of the constellation now in orbit, and commercially, with numerous distribution partnerships secured ahead of its partial entry into service, which remains on track for end-2021,” states Eutelsat.
Following the exercise of the call option and the completion of Hanwha’s investment, Eutelsat’s 22.9 per cent holding will make it the second largest shareholder behind Bharti with 30 per cent, thereby strengthening its position as a key shareholder and partner of OneWeb.
Rodolphe Belmer, Eutelsat’s CEO, commented: “We are hugely excited to grasp this opportunity to deepen our commitment to OneWeb. The significant progress it has made in the run-up to its now imminent entry into service, together with the vote of confidence demonstrated by the commitment of both its investors and future customers, makes us even more convinced of OneWeb’s right-to-win in the low earth orbit (LEO) constellation segment.”