Eutelsat and OneWeb combine to create European satellite giant as Musk's Starlink pressures sector
Publishing timestamp: 2023-09-28 09:25:45
Summary
OneWeb and Eutelsat have completed their all-share combination, with OneWeb's low-earth orbit satellites being added to Eutelsat's geostationary orbit satellites. This move positions the newly formed group as a challenger to Elon Musk's Starlink. The global space industry is estimated to be worth over $1 trillion by 2040. Eutelsat shares rose on the news of the deal. The merger announcement did not mention OneWeb's CEO, who is expected to leave the company. Some Eutelsat investors have expressed opposition to the deal due to the potential cessation of dividend payments.
Sentiment: NEUTRAL
Tickers: ORA-FR, DTE-DE, ETL-FR, TIT-IT, TEF-ES,
Keywords: breaking news: technology, breaking news: markets, technology, telefonica sa, orange sa, space industry, eutelsat communications sa, internet, business news, telecom italia spa, deutsche telekom ag, markets,