France Boosts Investment in Eutelsat for Satellite Expansion
France announces its decision to increase its investment in Eutelsat by subscribing to half of the satellite company's €1.35 billion capital increase. This move aims to support Eutelsat's financial stability as it develops a second generation of low Earth orbit satellites to compete with Elon Musk's Starlink.
- Country:
- France
In a strategic move to enhance its satellite capabilities, France will increase its stake in Eutelsat, a key player in the satellite industry. The French finance ministry revealed plans to subscribe to half of Eutelsat's capital increase, amounting to €1.35 billion ($1.55 billion).
The initiative aims to strengthen Eutelsat's financial standing, enabling the company to advance its second generation of low Earth orbit satellites. These developments are crucial as Eutelsat strives to compete more effectively with Starlink, the satellite internet constellation operated by Elon Musk's SpaceX.
With France's backing, Eutelsat is poised to enhance its technological infrastructure and expand its presence in the increasingly competitive global satellite market.
(With inputs from agencies.)
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