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Eutelsat Completes OneWeb Deal

By Mark Holmes | September 28, 2023

The Eutelsat-OneWeb merger came with a new logo for the combined company, Eutelsat Group.

One of the biggest deals in the satellite sector has been completed. Eutelsat completed the all-share combination with OneWeb on Sept. 28. This follows after Eutelsat shareholders approved the deal on Thursday. This combination now forms Eutelsat Group.

This finally concludes the merger announced more than a year ago, bringing together one of the largest Geostationary Orbit (GEO) operators with a Low-Earth Orbit (LEO) constellation.

Eutelsat will remain headquartered in Paris. 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.

The combined company issued a projection for revenue growth, targeting double-digit revenue CAGR over the medium to long-term, reaching 2 billion euros ($2.1 billion) in 2027. Adjusted EBITDA for the combined entity is expected to grow at a double digit CAGR over the same period, outpacing revenue growth.

“Eutelsat Group is the only GEO-LEO operator in satellite communications that can offer a ubiquitous connectivity service. Global connectivity is an important and exciting challenge to deliver upon. We can address a wider range of customer requirements and provide hybrid connectivity services where they are required worldwide, all with industry leading resilience,” CEO Eva Berneke said in a statement.

The company said OneWeb’s network is on track for global operations at the end of this year. The company sees potential for hybrid GEO/LEO service in backhaul, corporate networks, government services, maritime and in-flight connectivity, while broadcast and video remains “integral” to business.