Eutelsat Buying Stake in OneWeb

Eutelsat is buying an equity stake in OneWeb, with the geostationary orbit operator saying OneWeb's low earth orbit constellation will open the door to an addressable market beyond its current reach. Eutelsat said Tuesday it should close on its $550 million stake in the second half of the year. Eutelsat said it will use cash on hand and proceeds from the C-band auction for the investment. OneWeb "will become our main growth engine outside our broadcast and broadband applications," Eutelsat CEO Rodolphe Belmer said.