Jul 24, 2022

France’s Eutelsat close to deal for UK satellite operator OneWeb —sources

Posted by in categories: Elon Musk, internet, satellites

LONDON/PARIS, July 24 (Reuters) — French satellite company Eutelsat (ETL.PA) is poised to buy British rival OneWeb in a deal that could be announced as early as Monday, two sources close to the negotiations said on Sunday.

OneWeb was valued at $3.4 billion in its most recent funding round, one of the sources said. Eutelsat already has a 23% stake in OneWeb and is its second-biggest shareholder.

The merger of the two companies would strengthen their position in the race to build a constellation of low-orbit satellites, challenging the likes of Elon Musk-owned SpaceX’s Starlink and Inc’s (AMZN.O) Project Kuiper.

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