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LONDON - The United Kingdom (TADAWUL:4280) government will participate in Eutelsat’s ( Euronext (EPA:ENX) Paris/London Stock Exchange:ETL) planned capital increase, bringing the total amount to be raised to €1.5 billion, the satellite communications company announced on Thursday.
The UK government, through the Secretary of State for Science, Innovation and Technology, has committed €163.3 million to the initiative, joining other key investors including the French State, Bharti Space Limited, CMA CGM, and FSP.
The capital raise will consist of an €828 million reserved capital increase followed by a €672 million rights issue. The UK government will contribute €90 million to the reserved portion and participate in the rights issue proportional to its post-reserved increase shareholding.
"We are delighted by this support from His Majesty’s Government, which has been one of the mainstays of OneWeb, and subsequently Eutelsat’s anchor shareholders from the outset of our Low Earth Orbit journey," said Jean-François Fallacher, Chief Executive Officer of Eutelsat.
Following the transactions, expected to be completed by the end of 2025, the French State would hold 29.65% of Eutelsat’s capital and voting rights, while Bharti Space Limited would hold 17.88%, the UK government 10.89%, CMA CGM 7.46%, and FSP 4.99%.
The capital increase remains subject to shareholder approval at an extraordinary meeting planned for around the end of the third quarter of 2025, as well as regulatory approvals and the execution of an amended shareholders’ agreement.
Eutelsat Group, formed through the combination of Eutelsat and OneWeb in 2023, operates a fleet of 34 geostationary satellites and a Low Earth Orbit constellation of more than 600 satellites, according to the company’s press release statement.
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