Eutelsat completed the acquisition of a 24% stake in OneWeb for $550m.

Eutelsat, a satellite operator, completed the acquisition of a 24% stake in OneWeb, a broadband connectivity provider, for $550m. “We are delighted with the investment from Eutelsat, which validates our strategy, technology and commercial approach. We now have 80% of the necessary financing for the Gen 1 fleet, of which nearly 30% is already in space. Eutelsat’s global distribution network advances the market entry opportunities for OneWeb and we look forward to working together to capitalise on the growth opportunity and accelerate the pace of execution," Neil Masterson, OneWeb CEO.