UK Joins France in Eutelsat Capital Boost

The United Kingdom joins France in contemplated capital increase in Eutelsat; with Bharti Space also committing € 150 mn, taking the total amount to € 1.5 billion

Bangalore  July 11, 2025, Eutelsat, 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.

Earlier, French President Emmanuel Macron while speaking at the Paris Air Show in Le Bourget in June 2025 had called for more investment from other countries as well such as India to team up with France. He had said “This must be the solution for our major strategic partners in the Gulf, India, Canada and Brazil.”

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.”

Sunil Bharti Mittal, Co-Chairman, Eutelsat Group stated: “I am delighted that the UK has joined Bharti and the French State in announcing further investment in Eutelsat Group, and I thank Prime Minister Starmer for his vision and leadership on this matter.

“Today, governments require secure and reliable sovereign connectivity solutions, and Eutelsat is uniquely positioned to meet this need. Eutelsat’s OneWeb was the first complete low-Earth orbit constellation, and the company is the first and only provider able to provide customers with access to both low-Earth orbit and geostationary orbit services. This new capital injection will allow Eutelsat to go further and faster in developing innovative new technologies and services under the leadership of its new CEO, Jean-François Fallacher.  

“I echo President Macron’s words at the Paris Air Show last month, where he urged France’s major strategic partners in the Gulf, India, Canada and Brazil to join the coalition backing Eutelsat Group as the global Space Champion.”

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.”