PARIS--(BUSINESS WIRE)--Jul 10, 2025--
Regulatory News:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250710345555/en/
Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) announces that The United Kingdom 1 is to participate in the contemplated capital increase announced by Eutelsat on June 19, 2025. This additional participation from another key reference shareholder will increase the total amount to be raised to €1.5 billion, further underpinning the execution of Eutelsat’s long-term strategic vision.
His Majesty’s Government, via The Secretary of State for Science, Innovation and Technology of the United Kingdom, has joined The French State via the APE (Agence des Participations de l’Etat), Bharti Space Limited, CMA CGM, and FSP (together the “Reserved Capital Increase Investors”) in a commitment to subscribe to the Reserved Capital Increase and the Rights Issue pro-rata its shareholding post the Reserved Capital Increase, for a total amount invested of €163.3 million.
The commitments of the Reserved Capital Increase investors remain subject to , inter alia, shareholders’ approvals at an Extraordinary Shareholders’ Meeting to be held around the end of the third quarter of calendar 2025, customary regulatory approvals, as well as the execution, under mutually acceptable conditions, of an amended, non-concerting shareholders’ agreement reflecting the ownership structure post Reserved Capital Increase. Subject to the above, the Reserved Capital Increase Investors have also committed to vote in favour of the transaction at the extraordinary shareholders’ meeting (which would implement the governance 2 changes in connection with the Reserved Capital Increase and during which the Company will also request new authorisations for the Rights Issue) and to maintain their share ownership until the launch of the Rights Issue.
The Reserved Capital Increase would amount to €828 million, to be subscribed by the French State via APE for €551 million, Bharti Space Limited for €30 million, His Majesty’s Government for €90 million, CMA CGM for €100 million, and FSP for €57 million. The subsequent Rights Issue would amount to €672 million.
The Reserved Capital Increase and the Rights Issue are expected to be completed by the end of calendar 2025.
Following the two transactions, and subject to participation from investors, the French State would hold a stake of 29.65% of the capital and voting rights, while Bharti Space Limited, His Majesty’s Government, CMA CGM and FSP would respectively hold 17.88%, 10.89%, 7.46%, and 4.99% of the share capital and voting rights, being specified that the Reserved Capital Increase Investors would not be in a position to launch a public takeover.
Jean-François Fallacher, Chief Executive Office of Eutelsat, stated: “We are delighted by this support from His Majesty’s Government, which has been one of the mainstays of OneWeb, and subsequently Eutelsat’s anchor shareholders from the outset of our Low Earth Orbit journey. In the current environment it is crucial that our countries continue to collaborate and support each other, including in Space, which has become a key sovereign strategic asset. We remain committed to the UK which we consider as one of our home markets and to supporting the development of OneWeb to address the needs of all our sovereign and commercial stakeholders.”
The Rt Hon Peter Kyle, Secretary of State for Science, Innovation and Technology added: “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 support the development of these critical technologies and maintain an important stake in the global satellite communications sector.”
+++ENDS+++
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE EU MARKET ABUSE REGULATION 596/2014, AS AMENDED AND THE UK MARKET ABUSE REGULATION.
About Eutelsat Group
Eutelsat Group is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. The Group was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 34 Geostationary satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. The Group addresses the needs of customers in four key verticals of Video, where it distributes more than 6,500 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat Group’s unique suite of in-orbit assets enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and the Eutelsat Group employs more than 1,500 people across more than 50 countries. The Group is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide. The Company is listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock Exchange (ticker: ETL). Find out more at www.eutelsat.com
DISCLAIMER
The forward-looking statements included herein are for illustrative purposes only and are based on management’s views and assumptions as of the date of this press release. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: risks related to the health crisis; operational risks related to satellite failures or impaired satellite performance, or failure to roll out the deployment plan as planned and within the expected timeframe; risks related to the trend in the satellite telecommunications market resulting from increased competition or technological changes affecting the market; risks related to the international dimension of the Group's customers and activities; risks related to the adoption of international rules on frequency coordination and financial risks related, inter alia, to the financial guarantee granted to the Intergovernmental Organization's closed pension fund, and foreign exchange risk. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this press release to reflect any change in events, conditions, assumptions, or circumstances on which any such statements are based, unless so required by applicable regulation. The information contained in this press release is not based on historical fact and should not be construed as a guarantee that the facts or data mentioned will occur. This information is based on data, assumptions and estimates that the Group considers as reasonable.
No communication and no information in respect of the transaction referred to in this press release may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction (other than France and United Kingdom) where such steps would be required. The issue, subscription for or purchase of Eutelsat Communications’ securities may be subject to specific legal or regulatory restrictions in certain jurisdictions. Eutelsat Communications assumes no responsibility for any violation of any such restrictions by any person.
This press release is not and should not be construed as a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “ Prospectus Regulation ”) or Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “ UK Prospectus Regulation ”).
In the context of the transaction, the Company will make available to its shareholders the preparatory documents and information in accordance with the French Commercial Code, including the report of the Board of Directors prior to the holding of the proposed ordinary and extraordinary general meeting. In accordance with the Prospectus Regulation and the UK Prospectus Regulation, the Company will also make available: (a) a French voluntary prospectus relating to the rights issue prepared in accordance with the Prospectus Regulation that will be submitted for the approval of the French financial markets authority ( Autorité des marchés financiers ) in connection with the public offering in France and the admission on Euronext Paris of the new shares issued in the rights issue, (b) an information document prepared in accordance with Annex IX of the Prospectus Regulation and to be made available pursuant to Article 1(5)(b bis ) of the Prospectus Regulation relating to the admission on Euronext Paris of the new shares issued in connection with the reserved capital increases, and (c) a prospectus prepared in accordance with the Prospectus Regulation Rules of the Financial Conduct Authority (“ FCA ”) made under section 73(A) of the Financial Services and Markets Act 2000 and to be approved by the FCA, in respect of the applications for the new shares to be issued in connection with the reserved capital increases and the rights issue to be admitted to the equity shares (international commercial companies secondary listing) segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities.
With respect to the member States of the European Economic Area other than France (the “ Member States ”), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring the publication of a prospectus in any Member States. As a result, any securities of Eutelsat Communications may only be offered in Member States (i) to qualified investors, as defined by the Prospectus Regulation; (ii) to fewer than 150 natural or legal persons per Member State, other than qualified investors (as defined in the Prospectus Regulation) ; or (iii) in any other circumstances, not requiring Eutelsat Communications to publish a prospectus as provided under Article 1(4) of the Prospectus Regulation; and provided that none of the offers mentioned in paragraphs (i) to (iii) above requires the publication of a prospectus by Eutelsat Communications pursuant to Article 3 of the Prospectus Regulation, or a supplement to the Prospectus Regulation pursuant to Article 23 of the Prospectus Regulation.
With respect to the United Kingdom, no action has been undertaken or will be undertaken to make an offer to the public of securities requiring the publication of a prospectus in the United Kingdom. As a result, any securities of Eutelsat Communications may only be offered in the United Kingdom (i) to qualified investors, as defined under Article 2 of the UK Prospectus Regulation; (ii) to fewer than 150 natural or legal persons, other than qualified investors (as defined under Article 2 of the UK Prospectus Regulation); or (iii) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (the “ FSMA ”), provided that no such offer shall require Eutelsat Communications to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.
This press release and any other materials in relation to the securities of Eutelsat Communications have not been made, and have not been approved, by an “ authorised person ” within the meaning of section 21(1) of the Financial Services and Markets Act 2000. As a consequence, this press release is directed only at persons who (i) are located outside the United Kingdom, (ii) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “ Order ”), or (iii) are high net worth body corporates, unincorporated associations or partnerships, trustees of a high value trust and other persons to whom it may be lawfully communicated within Article 49(2)(a) to (e) of the Order (all such persons mentioned in paragraphs (i), (ii) and (iii) collectively being referred to as “ Relevant Persons ”). Any securities are intended only for Relevant Persons and no invitation, offer or agreements to subscribe, purchase or acquire the securities may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this press release or any provision thereof. This press release is not a prospectus which has been approved by the Financial Conduct Authority or any other United Kingdom regulatory authority within the meaning of Section 85 of the FSMA.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered, subscribed or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “ U.S. Securities Act ”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities in respect thereof have not been and will not be registered under the U.S. Securities Act and Eutelsat Communications does not intend to make a public offer of its securities in the United States.
The distribution of this press release in certain countries may constitute a breach of applicable law.
The information contained in this press release does not constitute an offer of securities for sale in the United States, Canada, Australia or Japan.
Goldman Sachs Bank Europe SE (« GSBE ») and Rothschild & Co ( acting exclusively for Eutelsat Communications and no one else in connection with the proposed transaction and will not regard any other person as its respective clients and will not be responsible to anyone other than Eutelsat Communications for providing the protections afforded to its respective clients in connection with the proposed transaction or otherwise, nor for providing any advice in relation to the proposed transaction, the content of this press release or any transaction, arrangement or other matter referred to herein.
None of GSBE or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this press release (or whether any information has been omitted from this press release) or any other information relating to Eutelsat Communications, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.
1 His Majesty’s Government via The Secretary of State for Science, Innovation and Technology of the United Kingdom
2 At this stage, the non-concert agreement would provide the Investors in the Reserved Capital Increase a board representation, proportional to their shareholding (with half of the board composed of independent directors).
The United Kingdom to Participate in Contemplated Capital Increase Announced by Eutelsat on June 19, 2025, Taking the Total Amount to €1.5 Billion
