Comments
Paris-based Eutelsat Communications SA, one of the world’s leading satellite operators on Thursday announced the completion of its all-share combination with OneWeb, part of Bharti Enterprises, following the approval of the Ordinary and Extraordinary General Meeting of Eutelsat shareholders.
Headquartered out of Paris, the merged entity will have Bharti Enterprises as its largest shareholder with 21.2 per cent share, in which Sunil Bharti Mittal will be the Viceeu-Président and Shravin Bharti Mittal, who spearheaded the OneWeb investment, taking it out of Chapter 11, 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, now a 100 per cent subsidiary of Eutelsat, the company said in a statement.
Bharti Group is committed to be a long-term strategic investor in the Eutelsat Group.
Connectivity Expansion
Christened as the Eutelsat Group, the new entity will be the first geostationary equatorial orbit - low Earth orbit (GEO-LEO) integrated satellite group, transforming space communications and addressing the fast-growing connectivity market, it said.
OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb with its center 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, it added.
“Closing the digital divide is a critical mission for achieving the UN Sustainable Development Goals and this combination will synergise the efforts of both the businesses and will accelerate our progress. Today we have created a company, which will bring connectivity to all people around the world and will help us achieve our mission of last-mile connectivity,” Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, and Co-Chair of the Board of Directors, Eutelsat Group, said.
Bharti will be providing services in India later this year and importantly, reaching other countries in the global south to provide broadband connectivity to those who are deprived of being a part of the Digital Revolution, he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.