|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.9900 - 2.9900|
|52 Week Range||2.4200 - 3.4600|
|Beta (5Y Monthly)||0.75|
|PE Ratio (TTM)||7.86|
|Forward Dividend & Yield||0.26 (8.80%)|
|Ex-Dividend Date||Nov 19, 2020|
|1y Target Est||N/A|
Thierry Breton, the European Commission’s big business tsar, took to the podium to reveal the bloc’s most ambitious grand project. The bespectacled 66-year-old, a veteran of France’s corporate world and a minister under Jacques Chirac, was looking skyward, to the future of Europe’s space policy.
A French state-backed satellite company has allied itself with Britain against Elon Musk’s SpaceX by taking a stake in the space internet company OneWeb. Eutelsat is paying $550m (£395m) for a 24pc stake in OneWeb, which was rescued by the UK last year in a joint venture with Indian telecoms giant Bharti. The French government has a 20pc stake in Eutelsat and the deal is expected to be a fillip for OneWeb as it seeks European support for its satellite internet business due to go live later this year. OneWeb has been fighting a heated regulatory battle with SpaceX as the two companies compete to launch “mega constellations” of hundreds or thousands of satellites to provide high-speed internet access to rural communities and internet-enabled devices. Jeff Bezos’ Amazon is also planning to launch its own constellation known as Kuiper. On Tuesday, SpaceX won approval from America’s communications watchdog to send a further 2,814 satellites into orbit at a significantly lower altitude than previously planned. OneWeb and Amazon had objected to the plans, saying they could interfere with other satellite networks and increased the risk of dangerous space collisions. Emmanuel Macron is believed to have previously expressed an interest in a Eutelsat-backed offer for OneWeb during last year’s bidding process, which ended with the UK government and Bharti each paying $500m to rescue OneWeb from bankruptcy last year. After the deal, expected to be approved in the second half of this year, the three investors will each have a 24pc stake, with others including SoftBank, owning smaller amounts. The UK will retain a “golden share” that allows it to veto investments on national security grounds.
The cash-only transaction, which is the biggest M&A deal for Eutelsat's chief executive Rodolphe Belmer since he took office in 2016, will make the company OneWeb's third-biggest shareholder after the British government and India's Bharti Global. OneWeb, which also counts Japan's SoftBank among its investors, aims to provide high-speed broadband internet services globally using LEO satellites.