Eutelsat Communications SA To Enter LEO Space Through Investment in OneWeb Call Transcript
Good day, and welcome to the Eutelsat Communications webcast and conference call to comment on today's announcement of our investment in OneWeb. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mr. Rodolphe Belmer, CEO. Please go ahead, sir.
Good evening, ladies and gentlemen, and thank you for joining us on this call regarding our investment in OneWeb.
First, look at the key terms of the transaction. We have entered into an agreement with OneWeb to acquire a 24% equity stake for a consideration of $550 million. This investment will be 100% cash funded. It will make us a leading shareholder of the company alongside the U.K. government and the Bharti Group with similar governance rights. We will be the only satellite operator among the shareholders. The transaction is expected to close in the second half of calendar year 2021, subject to customary regulatory authorizations.
First, now a quick overview of OneWeb and where
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