Fixed satellite service provider Eutelsat agrees $500 million partnership deal with Intelsat
Reuters
Published Mar 19, 2024 23:31
Updated Mar 19, 2024 23:45
(Reuters) - France-based fixed satellite service provider Eutelsat Group said on Tuesday it has signed a seven-year $500 million agreement with Intelsat for its OneWeb Low Earth Orbit (LEO)constellation.
The deal, which will commence in mid-2024 with a $250 million commitment, has an option of a further $250 million, the company said.
The partnership will enable the company to integrate OneWeb's LEO network with its Geostationary Equatorial Orbit (GEO) and terrestrial networks, Eutelsat added.
"Today's announcement takes that partnership to a new level, enhancing our ability to offer new, true multi-orbit services and solutions across our portfolio of customers and business segments," Intelsat's chief executive officer, Dave Wajsgras, said.
The Eutelsat Group was formed through the merger of Eutelsat and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 35 GEO satellites and a LEO constellation of more than 600 satellites.
The group in January cut its targets for its 2023-2024 financial year as OneWeb's LEO activities were running behind schedule, fueling concerns that rivals such as Elon Musk's Starlink and Amazon (NASDAQ:AMZN)'s Project Kuiper could beat OneWeb to the punch.
Eutelsat confirmed OneWeb's ground roll-out was on track to reach 90% coverage by mid-2024.
(This story has been refiled to add the dropped word 'million' in paragraph 2)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.