 "oneweb satellite launch")
Eutelsat on Thursday announced the completion of a merger with OneWeb, creating the world's first geostationary-low earth orbit (GEO-LEO) satellite space connectivity company.
The completion of Eutelsat Communications' all-share combination with OneWeb was announced following the approval of the Ordinary and Extraordinary General Meeting of Eutelsat shareholders, a statement from Bharti Enterprises said.
Headquartered out of Paris, the merged entity will have Bharti Enterprises as its largest shareholder with a 21.2 per cent share.
The Bharti Group is committed to being a long-term strategic investor in the Eutelsat Group, the statement said
"Today we have created a company, which will bring connectivity to all people around the world and will help us achieve our mission of last-mile connectivity," Sunil Bharti Mittal, founder and chairman of Bharti Enterprises said in a statement.
Sunil Bharti Mittal will be the Vice President (Co-Chair) and Shravin Bharti Mittal, who spearheaded the OneWeb investment, taking it out of Chapter 11, will be Bharti's lead as a Director on the Board of Eutelsat.
Akhil Gupta will continue to serve as a Director on the Board of OneWeb, now a 100 per cent subsidiary of Eutelsat, it said.
OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb with its centre of operations remaining in London.
The company remains listed on the Euronext Paris Stock Exchange and has applied for standard listing on the London Stock Exchange.
Christened as the Eutelsat Group, the new entity will be the first GEO-LEO integrated satellite group, transforming space communications and addressing the fast-growing connectivity market.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
