OneWeb has confirmed it’s being taken over by French rival Eutelsat in a deal that values the British satellite champion at $3.4bn (£2.8bn).
Shareholders in OneWeb, which was bailed out by Boris Johnson in 2020, will hold 50pc of Eutelsat, which will continue to be listed in Paris and will ask to be listed on the London Stock Exchange.
The companies said the tie-up will give Eutelsat a “unique position” on the market and the combined business will generate revenues of €1.5bn.
The takeover marks a setback for Britain’s efforts to compete in the space race. However, the Government will retain a golden share over the future of OneWeb, which will remain headquartered in London.
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