Eutelsat is owned by France as the main owner and China as the fourth largest shareholder, while Oneweb is owned by the British state and Indian entrepreneur Sunil Bharti Mittal.
(Photo: dpa)
Paris The French satellite operator Eutelsat wants to buy the British competitor Oneweb. “Against the background of market rumors, we confirm that we have started talks with the co-shareholders of OneWeb regarding a complete takeover,” Eutelsat announced on Monday.
After the transaction, Eutelsat and OneWeb shareholders would each own 50 percent of the new combined company. However, there is no guarantee of a final agreement.
Reuters reported on the plans on Sunday, citing two people familiar with the negotiations. Oneweb was valued at $3.4 billion in its last round of funding. Eutelsat already holds 23 percent of the British company, making it the second largest shareholder.