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Eutelsat to dual list in London after OneWeb merger

Eutelsat London Stock Exchange
Image credit: Eutelsat

French-listed satellite company Eutelsat will dual list on the London Stock Exchange following its merger with UK rival OneWeb.

Eutelsat is the third-largest satellite operator in the world, in terms of revenue, and provides internet coverage across Europe, the Middle East, Asia, Africa and the Americas.

The company announced yesterday that its all-share merger with London-based OneWeb had been completed. The new entity, called Eutelsat Group, will remain headquartered and listed in Paris, however, it has applied for a dual listing in London.

Trading under the ticker ETL, all of Eutelsat’s issued share capital will trade on the London Stock Exchange’s listed securities Main Market.

It is already listed on the Euronext Paris stock exchange and currently has a price of €5.42 (£4.69), down 24.16% from the start of this year.

Eva Berneke, CEO of Eutelsat, said: “Eutelsat is among a limited number of listed equities offering exposure to the fast-growing Space Sector.

“Our admission to the London Stock Exchange will offer the opportunity to a wider section of investors and shareholders to participate in our exciting journey.”

British satellite business OneWeb agreed to the merger with its French rival last year at a valuation of £2.8bn and at the time stated its intentions for a London listing.

The UK government owns a stake in OneWeb following a rescue deal that prevented its collapse in 2020.

In March, OneWeb launched a further 36 of its internet-beaming satellites bringing its constellation total to 618. OneWeb also launched a trial of its internet in the Shetland Islands and Lundy Island earlier this year.

The decision for a London listing comes as much much-needed win for the UK markets after Cambridge chip designer Arm decided on a Nasdaq IPO.