Eutelsat and OneWeb Sign MOU on Merger

  • Eutelsat and key OneWeb shareholders [1] sign a Memorandum of Understanding with a view to combining Eutelsat and OneWeb in an all-share transaction.
  • Eutelsat shareholders and OneWeb shareholders [2] would each hold 50% of the Eutelsat shares
  • Compelling financial profile with:
    • Potential for double-digit revenue and EBITDA CAGR over the medium to long term;
    • Eutelsat’s strong cash flow generation providing visibility and funding to support continued expansion into the LEO market through OneWeb’s next generation of satellites;
    • Over €1.5bn potential incremental value-creation after tax (net of implementation costs) stemming from revenue, capex and cost synergies.
  • Balanced board and governance structure, to include Eutelsat’s Chairman and its CEO, OneWeb’s Chairman, and a significant number of independent directors proposed by Eutelsat and OneWeb’s shareholders, at Extraordinary General Meeting.
  • Fully backed by a strong set of strategic shareholders of both entities, including Bpifrance and Fonds Stratégique de Participations who have undertaken to vote in favour of the transaction-related resolutions at this EGM, subject to usual conditions. CMA CGM, a shareholder of Eutelsat, is also supporting the combination.
  • Representing a transformational transaction, built on the strong foundations established in April 2021 with Eutelsat’s initial investment in OneWeb, this combination creates a global leader uniquely positioned to capture the Connectivity market with complementary GEO/LEO [3] offering.
  • Combined entity strongly positioned to address the fast-growing global Connectivity market.
  • The transaction values OneWeb at $3.4bn implying a value of €12 per Eutelsat share (including the dividend, before synergies).
  • Eutelsat to propose a €0.93 per share dividend with a scrip option in respect of FY 2021-22 at its upcoming AGM. Such dividend will not impact the exchange ratio.
  • Eutelsat will continue to be listed on Euronext Paris and apply for admission to standard listing on the London Stock Exchange.


PARIS, LONDON, 26 July 2022 (Eutelsat/OneWeb PR)
 – Eutelsat Communications (Euronext Paris: ETL) and key OneWeb shareholders have signed a Memorandum of Understanding with the objective of creating a leading global player in Connectivity through the combination of both companies in an all-share transaction. Eutelsat will combine its 36-strong fleet of GEO satellites with OneWeb’s constellation of 648 Low Earth Orbit satellites, of which 428 are currently in orbit.

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