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Eutelsat has announced that the United Kingdom will participate in the capital increase proposed by the company on 19 June 2025. This additional commitment from another key shareholder will bring the total expected proceeds to 1.5 billion Euro, supporting Eutelsat’s long-term strategic objectives.
His Majesty’s Government, represented by the Secretary of State for Science, Innovation and Technology, will join the French State (via Agence des Participations de l’État, APE), Bharti Space Limited, CMA CGM, and the Fonds Stratégique de Participations (FSP) (collectively, the “Reserved Capital Increase Investors”) in subscribing to the Reserved Capital Increase. The UK Government has committed to invest 90 million Euro, bringing its total contribution to163.3 million Euro, including its pro-rata participation in the subsequent Rights Issue.
The commitments made by the Reserved Capital Increase Investors are subject to a number of conditions, including:
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Approval by shareholders at an Extraordinary General Meeting, expected to take place by the end of Q3 2025;
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Regulatory approvals;
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Execution of an amended non-concerting shareholders' agreement, to reflect the new ownership structure following the Reserved Capital Increase, under mutually acceptable terms.
Subject to these conditions being met, the Reserved Capital Increase Investors have agreed to vote in favour of the transaction at the Extraordinary General Meeting. This meeting will also include proposals for governance changes associated with the transaction and for new authorisations relating to the Rights Issue. The investors have further committed to maintaining their shareholding until the launch of the Rights Issue.
At this stage, the revised non-concerting shareholders' agreement would provide the Reserved Capital Increase Investors with board representation proportional to their shareholding, while maintaining a board structure composed of 50% independent directors.
The Reserved Capital Increase is expected to total 828 million Euro, with contributions from the French State via APE (551 million Euro), Bharti Space Limited (30 million Euro), His Majesty’s Government (90 million Euro), CMA CGM (100 million), and the Fonds Stratégique de Participations (FSP) (57 million Euro). In addition, a subsequent Rights Issue is planned, amounting to 672 million Euro. Both transactions are scheduled for completion by the end of 2025.
Upon completion, and subject to participation from other investors, the expected ownership structure will be as follows: the French State holding 29.65% of the share capital and voting rights, Bharti Space Limited 17.88%, His Majesty’s Government 10.89%, CMA CGM 7.46%, and FSP 4.99%. It is noted that the Reserved Capital Increase Investors will not collectively hold a sufficient share to enable a public takeover bid.
French President Emmanuel Macron, speaking at the Paris Air Show in June 2025, had encouraged broader international participation in strategic space investments, mentioning potential partners including India, the Gulf States, Canada, and Brazil.
The Rt Hon Peter Kyle, Secretary of State for Science, Innovation and Technology, commented,“From checking the weather forecast on our phones to navigating with GPS in our cars, satellites underpin industrial activity worth 364 billion to the UK economy. But their critical role extends far beyond economic growth.
As our adversaries increasingly use space technologies to harm us, resilient satellite connectivity has become essential to our continent’s national security. This investment reflects our commitment to developing these technologies and maintaining a stake in the global satellite communications sector.”
Sunil Bharti Mittal, Co-Chairman of Eutelsat Group, stated, “I welcome the UK’s participation alongside Bharti and the French State in this capital increase. Today, governments require secure and reliable sovereign connectivity, and Eutelsat is well positioned to meet this demand. With the combination of low-Earth orbit and geostationary orbit capabilities, Eutelsat remains unique in its offering.
This new capital will help accelerate the development of technologies under the leadership of CEO Jean-François Fallacher. I also support President Macron’s call for further participation from strategic partners globally.”
Jean-François Fallacher, Chief Executive Officer of Eutelsat, added,“We welcome the continued support of His Majesty’s Government, a long-standing partner in OneWeb and a key shareholder in our Low Earth Orbit journey. In today’s geopolitical context, international cooperation in space is essential. The UK remains one of our core markets, and we are committed to further developing OneWeb to serve both sovereign and commercial stakeholders.”