PARIS, 15 November 2022 (Eutelsat PR) — Following the issuance by the worker consultant our bodies of their opinion on the proposed mixture between Eutelsat Communications and OneWeb introduced on 26 July 2022, the Board of Administrators of Eutelsat Communications (ISIN: FR0010221234 – Euronext Paris: ETL, “Eutelsat”) has permitted the transaction.
Consequently, Eutelsat and the principle shareholders of OneWeb (Bharti, the UK Authorities, Softbank and Hanwha) signed on November 14th the ultimate mixture settlement.
Completion of the transaction stays topic to the customary situations precedent, specifically the approval by the related regulatory authorities. Given the at present anticipated timetable for overview by these authorities, the Extraordinary Normal Assembly of Eutelsat shareholders known as to approve the transaction is now anticipated to be held within the second or third quarter of 2023. This potential change from the initially introduced timetable should not have any vital influence on the mixed entity’s monetary outlook launched in reference to the proposed mixture.
Upon completion of the transaction, the Board of Administrators could be composed of 15 administrators, together with the Chairman and a Co-Chairman (Vice-Président): the present Chairman of Eutelsat (unbiased) who would be the Chairman of the longer term Board of Administrators, the present Chief Govt Officer of Eutelsat, who will stay as such, two administrators proposed by Bharti, together with Sunil Bharti Mittal as Co-Chairman, one director proposed by Bpifrance Participations, one director proposed by the UK Authorities, one unbiased director representing Fonds Stratégique de Participations, one unbiased director proposed by Hanwha, three unbiased administrators proposed by OneWeb and 4 unbiased administrators proposed by the Board of Administrators of Eutelsat, three of whom are to be chosen from among the many present administrators of Eutelsat. This may carry the variety of unbiased administrators on the Board to 67%.
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