Two European firms merge in $3.4 billion deal to rival SpaceX’s Starlink internet

OneWeb aims to deploy 648 low-Earth orbit satellites to provide high-speed internet in areas with low coverage. Currently, it has 428 satellites in orbit. These will now be combined with Eutelsat’s 36 geostationary orbit internet satellites.

Unlike SpaceX, OneWeb’s service is pitched at businesses rather than individual paying customers. Under the terms of the new merger agreement, OneWeb will continue to trade under its existing name, and it will continue to work from its headquarters in London, U.K. Eutelsat, meanwhile, is based in Paris.

SpaceX will soon have many more mega-constellation rivals

OneWeb CEO described the new move as “another bold step” for the company. “This combination accelerates our mission to deliver connectivity that will change lives at scale and create a fast-growing, well-funded company which will continue to create significant value for our shareholders,” he added.

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