French state leads capital increase for satellite operator Eutelsat / Photo: jody amiet - AFP
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French state leads capital increase for satellite operator Eutelsat
The French state will become the biggest investor in European satellite operator and Starlink competitor Eutelsat, leading a capital increase alongside private shareholders, the company said Thursday.
Paris's holdings will increase to just under 30 percent from 13 percent, Eutelsat said, in an overall deal set to be completed by the end of this year that will see 1.35 billion euros ($1.5 billion) injected into the company.
The announcement comes as competition heats up in the satellite communications sector, where Elon Musk's Starlink is a dominant player but some governments are keen on sovereign solutions.
"The race is on. That's why we have to take a position now and invest now. Otherwise, the whole market will be occupied and France and Europe will depend on other powers in future,” President Emmanuel Macron's office told AFP.
Boasting more than 600 satellites since merging with British firm OneWeb in 2023, Eutelsat is the world's second-largest operator of low Earth orbit (LEO) satellites, behind Starlink, making it the obvious candidate as a European champion.
The company has been pushing for new government contracts, signing a 10-year, billion-euro deal at this week's Paris Air Show to provide military communications for the French armed forces.
Presenting its most recent quarterly results last month, Eutelsat said it was in active sales talks with governments both inside and outside Europe.
The capital increase should allow Eutelsat to push ahead with renewing its satellite fleet, the company said.
Major shareholders stumping up alongside Paris were shipping giant CMA CGM, Indian telecoms operator Bharti Airtel and the FSP investment fund, owned by seven French insurance companies.
The two-stage plan includes a "reserved" capital increase open only to the four named investors, with a second round open to others.
"Discussions are ongoing" with other investors including the British government, "which could join the capital raise in due course," Eutelsat said.
"The capital increase would represent a pivotal step in Eutelsat's strategic and financing roadmap, enabling the execution of its strategic vision," it added, with other financial operations planned including debt refinancing.
P.Mathewson--AMWN