Britain and France invest €1.5B in Eutelsat to rival SpaceX Starlink
The move aims to counter SpaceX's Starlink dominance and enhance sovereign satellite communications.
The French government is set to become Eutelsat's largest shareholder with a €750 million injection, raising its stake to 29.65%. Britain's investment ensures it retains its 10.89% stake and avoids dilution from France's earlier recapitalisation plan.
British Science and Technology Minister Peter Kyle highlighted the strategic importance of resilient satellite connectivity for national security.
'As our adversaries increasingly use space technologies to harm us, resilient satellite connectivity has become essential to our continent's security,' he said.
Eutelsat's shares surged 10% in early Paris trading following the announcement. The company, which operates 34 geostationary satellites and over 600 low Earth orbit satellites, is the second-largest constellation provider after Starlink.
The deal could also pave the way for Britain's participation in the EU's IRIS² satellite project, where Eutelsat is a key contractor. Britain initially invested in Eutelsat's subsidiary OneWeb in 2020 as part of a $1 billion bailout before the merger with Eutelsat last year.
France's President Emmanuel Macron thanked Britain for its contribution during his state visit. The total recapitalisation now stands at €1.5 billion, reinforcing Europe's push for independent space infrastructure amid rising geopolitical tensions.
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