Bharti Enterprises-backed OneWeb, the satellite communications service provider, on Thursday said it has merged its operations with France-based Eutelsat — and will hold 21.2 per cent in the merged entity.
“Eutelsat Communications SA, one of the world’s leading satellite operators, on Thursday announced the completion of its all-share combination with OneWeb, the global low earth orbit (LEO) satellite communications network, following the approval of the ordinary and extraordinary general meeting of Eutelsat shareholders,” Bharti Enterprise said in a statement.
Sunil Bharti Mittal will be the vice-president (co-chair) and his son Shravin Bharti Mittal, who has spearheaded the OneWeb investment, taking OneWeb out of chapter 11 bankruptcy, will be Bharti’s lead as a director on the board of Eutelsat. Akhil Gupta will continue to serve as a director on the board of OneWeb.
OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb with its centre of operations remaining in London. The company remains listed on the Euronext Paris Stock Exchange and has applied for standard listing on the London Stock Exchange.
Christened as the Eutelsat Group, the new entity will be the first GEO-LEO (geo synchronous equatorial orbit- low earth orbit) integrated satellite group, transforming space communications and addressing the fast-growing connectivity market, the statement said.
Following the announcement, Bharti Group said that it is committed to be a long-term strategic investor in the Eutelsat Group.