• Bharti Enterprises to be the largest shareholder in the merged entity with
21.2 % share.
• Mr. Sunil Bharti Mittal to be the Vice-Président (Co-Chair) and Mr. Shravin
Bharti Mittal to be a Director on the Board of Eutelsat Group.
• Mr. Akhil Gupta to continue as a Director on the Board of OneWeb.
New Delhi: Eutelsat Communications SA (Euronext Paris: ETL) (the
“Company”), one of the world's leading satellite operators announced the completion of
its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite
communications network, 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% share. Bharti Group is committed to be a long-term strategic investor
in the Eutelsat Group. Mr. Sunil Bharti Mittal will be the Vice-Président (Co-Chair) and
Mr. 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. Mr. Akhil Gupta will continue to
serve as a Director on the Board of OneWeb, now a 100% subsidiary of Eutelsat.
OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb with its centre 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.
Christened as the Eutelsat Group, the new entity will be the first GEO-LEO integrated satellite
group, transforming space communications and addressing the fast-growing connectivity
market.
Dominique D'Hinnin, Chairman of the Board of Directors, said: “This is an historic moment for the satellite industry. We are bringing together two businesses that are at the forefront of delivering integrated, seamless and reliable connectivity to customers worldwide. “We will be moving fast to accelerate the growth of the combined business. With the support of strategic shareholders of both entities, we are confident of maximising financial performance and operational excellence, while capitalising on the high-return investment of next generation satellites.“I would like to pay tribute to all colleagues who have ensured we can successfully deliver this combination. We are ready to provide connectivity and services that will support economicand social development globally as a trusted partner for multi-orbit connectivity.”
Sunil Bharti Mittal, Founder & Chairman of Bharti Enterprises, Vice-Président (CoChair) of the Board of Directors, Eutelsat Group, commented: “Closing the digital divide isa critical mission for achieving the UN Sustainable Development Goals and this combinationwill synergize the efforts of both the businesses and will accelerate our progress. I want to thank everyone who has made this possible. Today we have created a company, which will bring connectivity to all people around the world and will help us achieve our mission of lastmile connectivity. Bharti is excited about 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.”
Eva Berneke, Chief Executive Officer, added: “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. As we continue our track record of innovation to develop future generations of satellite technology, we can unlock significant value both for customers and shareholders. The Eutelsat-OneWeb combination has given us the scale, financial strength, and business proposition to capitalise on the significant opportunity.”
The newly formed Eutelsat Group is strategically positioned to be a global leader in space communications. Eutelsat’s powerful GEO fleet will combine network density and high throughput with the low latency and ubiquity of OneWeb’s LEO constellation to offer customers global, fully integrated connectivity services. This combination confirms Eutelsat as a pioneer in the space industry and a leader in space technology innovation, showcasing its continuous commitment to pushing the boundaries of the satellite landscape.
With OneWeb’s network already active and set to be globally operational by end of 2023, the combined GEO-LEO service will open up new markets and applications for customers, including Fixed Connectivity (Backhaul, Corporate networks), Government Services and Mobile Connectivity (Maritime and Inflight). Broadcast and video services will remain integral to Eutelsat Group’s business and continue to deliver unparalleled and innovative services for customers, including new IP native video services, at the convergence of broadband and broadcast.
The combined entity is expected to grow at a double-digit revenue CAGR over the medium to long-term, reaching c. €2bn in 2027. Adjusted EBITDA for the combined entity is expected to grow at a double digit CAGR over the same period, outpacing revenue growth.
The Group addresses the needs of customers in four key verticals of Video, where it distributes more than 6,500 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat Group’s unique suite of in-orbit and on-ground assets enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and Eutelsat Group employs more than 1,700 from 50 different nationalities. The Group is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide.
Photograph: Mr. Shravin Bharti Mittal Director on the Board of Eutelsat Group.
