France has announced a €1.35 billion ($1.55 billion) investment in the debt-laden satellite company Eutelsat, becoming the company's largest shareholder. As the French finance ministry said, the move is intended to strengthen Europe’s leading satellite to compete with Elon Musk’s Starlink.
France chose to act now to avoid depending on "other powers" in the future, said President Emmanuel Macron and urged countries and companies as a matter of European sovereignty to invest in French satellite company Eutelsat.
"The race is on. That's why we have to take a position now and invest now. Otherwise, the whole market will be occupied and France and Europe will depend on other powers in future," Macron's office told AFP.
The 717 million-euro capital injection by the French state, which was part of an overall deal with other investors worth 1.35 billion euros, will make Paris Eutelsat's largest shareholder, raising its stake from 13 percent to just under 30 percent.
Eric Lombard, Minister for the Economy, Finance and Industrial and Digital Sovereignty, stated: “The French State is proud to contribute to strengthening Eutelsat’s capital structure and support the company at pivotal stage of its development. Through this transaction, France reaffirms its determination to build, together with the company and its European partners, a competitive, resilient, and sovereign space industry, particularly around the IRIS² program, which is a key pillar of our strategic autonomy."
With its role as the largest private investor in the European Union’s IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) program, the public-private partnership aiming to build a multi-orbit constellation delivering secure communication services to the EU and its Member States, Eutelsat confirms its status as a central player in assuring Europe’s space and connectivity sovereignty.
As the only European operator with active commercial LEO (Low Earth Orbit) fleets and fully operational LEO network, Eutelsat is positioned to play a strategic role in supporting critical sectors such as military communications, cyber-resilience, and secure government connectivity, fully aligned with European Union and NATO objectives for strategic autonomy.
Earlier this week the company signed the landmark 10-year framework agreement with France’s Ministry of the Armed Forces, aimed at strengthening the integration of civilian and military assets (Nexus program), for a maximum amount of €1 billion, illustrates the strategic role of the LEO constellation in France’s model for sovereign defence and space communications.
Meanwhile, Reuters reported that France and Britain are holding talks over the British government's possible participation in Eutelsat's rights issue.
An announcement could be made during Macron's scheduled state visit to the UK in early July, the source close to the matter added, speaking on condition of anonymity. Britain holds 10.9% of Eutelsat.
Other big Eutelsat shareholders, including Indian billionaire Sunil Mittal's Bharti Space, shipping company CMA CGM and Fonds Strategique de Participations, a long-term investment fund backed by French insurers, will subscribe to the capital increase, Eutelsat said on Thursday.
Hate speech targeting Muslims and Christians in India surged by 74% in 2024, driven by election-season rhetoric and unrest in neighboring Bangladesh, ...
At least 19 people were killed and 16 injured as two buildings collapased in Morocco's Fes city according to the state news agency....
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 10th of December, covering the latest developments you need to...
The world’s leading minds and voices will be honoured on Wednesday, 10 December, the anniversary of Alfred Nobel’s death, as Nobel Prizes are pres...
Artillery fire and ground skirmishes have erupted this week along the disputed border between Thailand and Cambodia, shattering a fragile ceasefire an...
French naval forces opened fire on a swarm of unidentified drones that flew over one of the country’s most sensitive military installations, the Île Longue submarine base in western Brittany, officials confirmed on Friday.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 6th of December, covering the latest developments you need to know.
Chinese leader Xi Jinping accompanied French President Emmanuel Macron to Chengdu on Friday, a rare gesture seemingly reserved for the head of Europe's second-largest economy that highlights Beijing's focus on Paris in its ties with the European Union.
French President Emmanuel Macron urged Chinese leader Xi Jinping to cooperate more closely on geopolitics, trade and the environment, as the European Union seeks China's help to end the war in Ukraine.
Scores of demonstrators gathered outside the Norwegian Nobel Institute in Oslo Tuesday (9 December) to protest against the awarding of this year’s Nobel Peace Prize to Venezuelan opposition leader Maria Corina Machado.
Authorities in Japan lifted all tsunami warnings on Tuesday following a strong 7.5-magnitude earthquake that struck off the northeastern coast late on Monday, injuring at least 30 people and forcing around 90,000 residents to evacuate their homes.
Pressure is mounting between Venezuela and the United States as both nations emphasise military preparedness and strategic positioning.
Tehran has protested to Washington because of the travel ban on its football team delegation as well as Iranian fans who would like to travel to the United States for the upcoming World Cup matches in 2026.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
President of Turkmenistan Serdar Berdimuhamedow has signed the “On Virtual Assets” law, which will officially legalise cryptocurrency mining and exchange activities in the country from 1 January 2026.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment