Paris-based Eutelsat Communications SA, one of the world’s leading satellite operators, announced on Thursday that it has completed its agreement with Bharti Enterprises following the approval of the ordinary and extraordinary general meetings of Eutelsat shareholders. (Bharti Enterprises)’s all-share merger of OneWeb.
The combined entity will be headquartered in Paris and Bharti Enterprises will be its largest shareholder with a 21.2% stake, with Sunil Bharti Mittal serving as vice president and Shravin Bharti Mittal spearheading OneWeb’s investments, excluding it from Chapter 11. In addition, Bharti will serve as a director on the board of directors of Eutelsat.
Akhil Gupta will continue to serve as a director on the board of directors of OneWeb, which is now a 100% subsidiary of Eutelsat, the company said in a statement.
Bharti Group is committed to becoming a long-term strategic investor in Eutelsat Group.
The new entity, to be named Eutelsat, will be the first integrated geostationary equatorial-low Earth orbit (GEO-LEO) satellite group that will transform space communications and meet the needs of the rapidly growing connectivity market.
OneWeb will operate commercially as a subsidiary of Eutelsat OneWeb, with its operations center still located in London. It added that the company remains listed on Euronext Paris and has applied for a standard listing on the London Stock Exchange.
“Bridging the digital divide is an important mission to achieve the United Nations Sustainable Development Goals, and this combination will synergize the efforts of both businesses and accelerate our progress. Today, we create a company that will bring benefits to everyone everywhere.” to connect and will help us achieve our mission of last mile connectivity,” said Sunil Bharti Mittal, founder and chairman and co-chairman of the board of directors of Bharti Enterprises. Said the Director of Eutelsat Group.
He added that Bharti will offer services in India later this year and, importantly, reach other countries in the southern hemisphere, providing broadband connectivity to those who are unable to participate in the digital revolution.