The deal will be the latest in the race for low-Earth connections

OneWeb Ltd. and Eutelsat Communication SA are planning to collaborate in an equity deal that values the British satellite operator at $3.4 billion, taking a step toward developing a European champion to compete with SpaceX and Elon Musk.

The deal will bring Eutelsat 1.5 billion euros

The agreement will give Eutelsat a distinct competitive advantage and may result in revenue growth of 1.5 billion euros ($1.53 billion), investments, and cost efficiencies. OneWeb low orbit satellites and Eutelsat geostationary satellites will be combined into the new entity.

OneWeb stockholders will possess 230 million of Eutelsat’s freshly issued shares, or 50% of the company. Eutelsat will continue to be listed in Paris and seek a listing on the London Stock Exchange.

In the fiscal year 2022–2023, it is anticipated that the combined business will bring in €1.2 billion in revenue and €0.7 billion in EBITDA.

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