Tech

Two of Europe’s largest internet satellite companies are merging to take on Starlink


Internet Satellite Operators and is planning to merge in the hope of becoming a stronger competitor to SpaceX . The merger, subject to approval by Eutelsat’s regulators and shareholders, is mid-2023 and it values ​​OneWeb at $3.4 billion. Shareholders of OneWeb and Eutelsat will each own half of the consolidated company.

Eutelsat has a fleet of 36 geostationary orbiting satellites. They will be combined with OneWeb’s cluster of low-earth orbit satellites, which can provide internet access from the sky. OneWeb currently has 428 satellites in orbit of 648 planned in its first-generation network.

OneWeb and Eutelsat are expected to have a combined revenue of €1.2 billion ($1.56 billion) in the 2022-23 financial year. Eutelsat President Dominique D’Hinnin and CEO Eva Berneke will retain those positions in the merged entity. OneWeb investor Sunil Bharti Mittal will become co-chairman.

The merger comes after OneWeb stumbled in its bid to become a viable competitor to Starlink and Amazon . OneWeb in March 2020 as it looks for a buyer. The UK Government and Mittal’s Bharti Global, each paid $500 million for in OneWeb. Company in early 2021 to launch hundreds of satellites.

More recently, OneWeb has between Russia and the West after the previous invasion of Ukraine. British sanctions have prompted Russia to block OneWeb satellite launches – it demanded Britain sell its stake in OneWeb and wanted to ensure that the satellites would not be used for military purposes. OneWeb has ended to launch the rest of its first generation satellites.

After the proposed merger, the UK will within OneWeb as well as exclusive to the company. These give the government an important say in national security control over the network and veto power over some decisions, such as the location of OneWeb’s headquarters.

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