Published by Reuters
French satellite company Eutelsat (ETL.PA), the world's third-biggest satellite operator by revenue, said on Thursday it had completed the all-share merger with Britain's OneWeb to become Eutelsat Group, sending its shares as much as 6% higher.
The new entity will remain headquartered and listed in Paris, and has also applied for listing on the London Stock Exchange.
Eutelsat said the new company's revenue is expected grow at a double-digit compound annual growth rate (CAGR) over the medium and long-term to reach around 2 billion euros ($2.11 bln).
It said capital expenditure after the merger is estimated at around 725-875 million euros per annum between 2024 and 2030.
The deal, initially announced in July 2022, was meant to create a new challenger in the satellite internet market to the likes of Elon Musk-owned SpaceX's Starlink and Amazon's (AMZN.O) Project Kuiper.
Eutelsat hopes to tap into the growth of real-time video gaming and rising demand for fast internet connections from companies.
