France's Eutelsat in talks over possible merger with UK satellite operator OneWeb
Eutelsat's statement came after two sources close to the negotiations told Reuters at the weekend it was poised to buy OneWeb, which was valued at $3.4 billion in its most recent funding round and in which Eutelsat already has a 23% stake.
"Investors don’t appreciate the uncertainty, and if ETL is in a merger of equals with OneWeb, then ETL investors get a share in a new entity where the other half is pretty much an unknown to them ... So I understand why ETL shares are down on the news," said one trader in London. "From an anti-trust point of view, this deal is likely to be scrutinised heavily and will also likely need political consensus from both the UK and EU at a time when the UK is choosing a new Prime Minister," Credit Suisse said in a note.Demand for satellite launches is expected to accelerate after recent sanctions have sidelined the Russian space launch industry, and giant satellite constellations could offer a new channel to beam broadband Internet from space.
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