April 27, 2021 – Eutelsat Communications has entered into an agreement with OneWeb for the subscription of a c.24% equity stake, becoming a leading shareholder of the company alongside the UK Government and Bharti Global. Eutelsat will invest $550 million in OneWeb, with closing expected in H2 2021 subject to regulatory authorisations. Eutelsat’s investment leaves OneWeb almost fully funded and the company is well advanced in terms of securing its remaining funding needs this year. Eutelsat’s investment will come with similar governance rights to the UK Government and Bharti, including board representation, where its position and expertise as one of the world’s leading satellite operators will help to drive the success of the new constellation. In a context where LEO features will enable the extension of the addressable market for satellite operators well beyond their current reach, the complementarity of Eutelsat’s and OneWeb’s resources and assets is expected to optimize both companies’ commercial potential thanks to Eutelsat’s strong commercial and institutional relationships, recognized technical expertise and global geostationary fleet, and OneWeb’s ability to address the multiple applications requiring low latency and ubiquity. The investment will be 100% cash financed through Eutelsat’s liquidity position of €1.9bn as at end-March 20211 and the $507m US C-Band auction proceeds, and will be accounted for under the equity method. It is consistent with Eutelsat’s financial hurdle rates and does not alter its financial objectives, which are fully confirmed, including the medium-term net debt / EBITDA target of c.3x and a commitment to solicited Investment Grade credit ratings. Eutelsat’s policy of a stable to progressive dividend is also reiterated.