A British satellite maker backed by the taxpayer is set to be snapped up by a French firm in a blow to the UK’s space race efforts.
OneWeb, which currently operates a network of more than 400 satellites, was saved from bankruptcy by Boris Johnson’s government in 2020, leaving taxpayers with a 17 per cent stake in the firm.
But the company is now in talks to be taken over by Paris-based Eutelsat with a deal expected to be announced in the coming days, the Sunday Telegraph reported.
Off course: OneWeb was saved from bankruptcy by Boris Johnson’s government in 2020, leaving taxpayers with a 17 per cent stake in the firm
If the deal goes ahead, the firm is expected to be listed on the French stock market although a secondary listing on the London Stock Exchange could be planned at a later date.
Eutelsat, which already controls around a quarter of OneWeb, is 20 per cent-owned by the French state, sparking fears the company’s operations could be shipped over to France if a takeover is agreed.
Another 5 per cent stake in Eutelsat is held by China Investment Corp, Beijing’s sovereign wealth fund, meaning OneWeb would be part-owned by one of the West’s strategic rivals.
Sources have described the deal as a ‘French coup’ that could reduce the UK’s influence on the project.
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