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Two European satellite companies are combining in a $3.4 billion deal to rival Elon Musk’s SpaceX

by Editor July 27, 2022, 10:38 am 1.3k Views

Two European satellite companies are combining in a $3.4 billion deal to rival Elon Musk's SpaceX

OneWeb, which emerged from bankruptcy in 2020, is hoping the combination with Eutelsat will help turn its fortunes around.

Jody Amiet | AFP via Getty Images

U.K. satellite operator OneWeb plans to join forces with European rival Eutelsat in a deal the two companies hope will help them take on Elon Musk’s SpaceX.

The all-stock merger will see Eutelsat issue 230 million new shares and exchange them for all remaining shares of OneWeb, according to…

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