France tightens grip on Eutelsat through 1.35 bln-euro shares sale
PARIS, June 19 (Reuters) - The French state will become Eutelsat's (ETL.PA), opens new tab top shareholder following a 1.35 billion-euro ($1.55 billion) capital increase aimed at helping the satellite company better compete with Elon Musk's Starlink, the finance ministry said on Thursday.
The capital injection will deliver a shot in the arm to debt-laden Eutelsat, which has garnered unprecedented attention this year from European governments looking for alternatives to compete with Elon Musk's Starlink.
France's state shareholding agency will inject 717 million euros, or more than half of the sum, into the company, the ministry said.
The agency will also acquire the stake held by France's state-owned investment bank Bpifrance in Eutelsat as part of the company, a government official said, bringing France's total stake to 29.99%.
"The French government is proud to support Eutelsat. By participating in its capital increase, we are supporting a decisive stage in its development. Satellite connectivity is a strategic issue for our industrial and digital sovereignty," Finance Minister Eric Lombard said.
($1 = 0.8721 euros)
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