- Eutelsat and key OneWeb shareholders  sign a Memorandum of Understanding with a view to combining Eutelsat and OneWeb in an all-share transaction.
- Eutelsat shareholders and OneWeb shareholders  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  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.