Eutelsat, OneWeb Agree $3.4 Billion Deal to Rival SpaceX

Eutelsat Communications SA and OneWeb Ltd. are set to combine in an all-share deal valuing the UK satellite operator at $3.4 billion, a step toward creating a European champion to rival the likes of Elon Musk’s SpaceX.

OneWeb shareholders will hold 50% of Eutelsat, which will continue to be listed in Paris and will ask to be listed on the London Stock Exchange, the companies announced in a statement Tuesday. The announcement confirms talks made official on Monday.