Eutelsat’s investment in low Earth orbiting business OneWeb has won recognition from Euroconsult who have awarded the deal the ‘Strategic Transaction of the Year’.
The award is a recognition of Eutelsat’s strategic move in April 2021 to take a leading stake in OneWeb alongside Bharti Global and the UK government. The transaction consolidates Eutelsat’s position as the only global satellite operator combining resources in geostationary orbit with unique access to the Low Earth Orbit segment, stated Euroconsult.
The aggregate investment by Eutelsat amounts to $715 million, giving it a 22.9 per cent stake in OneWeb and making it OneWeb’s second largest shareholder. Eutelsat’s equity investment comes with significant governance rights, including representation on the Board of Directors, while Eutelsat’s market position and technical expertise as a world-class satellite operator will play a pivotal role in the success of this new constellation.
OneWeb has gained remarkable momentum since Eutelsat’s investment, both on the operational front, with over half of its fleet already in orbit and soon to partially enter into service, and on the commercial front, with a number of major agreements with top-tier distributors and customers including AT&T, BT, Hughes, NorthwesTel, Peraton and NEOM.
Eutelsat Deputy CEO Michel Azibert commented on the award: “We are honoured to receive this recognition of Eutelsat’s investment in OneWeb which has given us a foothold in the Low Earth Orbit segment. The award cements the company’s ambition to position itself as an operator capable of harnessing the potential of this valuable ecosystem for addressing high growth services, taking advantage of the opportunities offered by 5G and the Cloud for low-latency applications. It was crucial for Eutelsat to move into the LEO orbit quickly, as it has room for only a handful of constellations. With this investment, Eutelsat is playing its part in keeping the European space industry fully in the game.”
Separately, Euroconsult has named California-based Viasat is its ‘2021 Global Satellite Business of the Year’.
“We are honoured to be named the 2021 Global Satellite Business of the Year by Euroconsult,” said Rick Baldridge, president/CEO, Viasat. “This is a testament to the hard work of our team and our ongoing commitment to transform how people and businesses connect around the world using space-based connectivity. This is an exciting time for our industry, and we’re proud to be recognised as a forward-thinking innovator helping to shape the future of the global space sector with an economically powerful and environmentally safe approach – thank you Euroconsult.”