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Eutelsat, OneWeb Agree $3.4 Billion Deal to Rival SpaceX

  • Deal set to be latest in race to offer low-orbit connections
  • OneWeb shareholders will end up with 50% of Eutelsat
Engineers work on an Eutelsat Satellite.

Engineers work on an Eutelsat Satellite.

Photographer: Yann Coatsaliou/AFP/Getty Images

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Eutelsat Communications SA and OneWeb Ltd. are set to combine in an all-share deal valuing the UK satellite operator at $3.4 billion, a step toward creating a European champion to rival the likes of Elon Musk’s SpaceX.

OneWeb shareholders will hold 50% of Eutelsat, which will continue to be listed in Paris and will ask to be listed on the London Stock Exchange, the companies announced in a statement Tuesday. The announcement confirms talks made official on Monday and first reported by Bloomberg last week.