Eutelsat and OneWeb complete merger
The Company continues to be headquartered in Paris, while OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb with its centre of operations remaining in London. The Company's listing on the Euronext Paris Stock Exchange is unaffected. A standard listing on the London Stock Exchange has been granted.
The combined GEO-LEO service will open up new markets and applications for customers, including Fixed Connectivity (Backhaul, Corporate networks), Government Services and Mobile Connectivity (Maritime and Inflight). Broadcast and video services will remain integral to Eutelsat Group’s business and continue to deliver unparalleled and innovative services for customers, including new IP native video services, at the convergence of broadband and broadcast.
“This is an historic moment for the satellite industry. We are bringing together two businesses that are at the forefront of delivering integrated, seamless and reliable connectivity to customers worldwide,” said Dominique D'Hinnin, Chairman of the Board of Directors, in a September 28 statement.“We will be moving fast to accelerate the growth of the combined business. With the support of strategic shareholders of both entities, we are confident of maximising financial performance and operational excellence, while capitalising on the high-return investment of next generation satellites.
Sunil Bharti Mittal, Vice-Président (Co-Chair) of the Board of Directors called the announcement an “exciting combination” which “will be transformative for communities and businesses worldwide.” .
“Closing the digital divide is a critical mission for Eutelsat Group and the combination of these two businesses, which have each pursued this goal separately, accelerates our progress,” he added.
Eva Berneke, Chief Executive Officer, said the new group could “address a wider range of customer requirements and provide hybrid connectivity services where they are required worldwide, all with industry leading resilience.”
“As we continue our track record of innovation to develop future generations of satellite technology, we can unlock significant value both for customers and shareholders. The Eutelsat-OneWeb combination has given us the scale, financial strength, and business proposition to capitalize on the significant opportunity,” she stated in the same press release.”