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Eutelsat completes acquisition of OneWeb
Posted: Sat, Sep 30, 2023, 3:23 PM ET (1923 GMT)
OneWeb satellite (Airbus Defence and Space) Eutelsat has completed its merger with OneWeb after a shareholder vote. Eutelsat said Thursday that its shareholders voted to approve the all-share deal that valued OneWeb at $3.4 billion. The approval was expected after investors owning nearly half of Eutelsat previously said they backed the deal, although Eutelsat did not immediately report the percentage of shareholders approving the transaction. OneWeb's shareholders had previously signed off on the deal, which also received all the necessary regulatory approvals. OneWeb will operate as a subsidiary of the French operator, called Eutelsat OneWeb, and its center of operations will remain in London. OneWeb's LEO network is set to play an important part in Eutelsat's pivot to connectivity services, which the French operator expects will help it return to growth next year.
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