(Boursier.com) — Eutelsat announces that following the opinion given by the employee representative bodies on the proposed merger between Eutelsat Communications and OneWeb announced on July 26, 2022, Eutelsat’s Board of Directors has validated the transaction. Consequently, Eutelsat and the main shareholders of OneWeb (Bharti, the British government, Softbank and Hanwha) signed the definitive merger agreement on November 14. The completion of the transaction remains subject to the usual conditions precedent in this area, in particular the authorizations of the competent regulatory authorities. Given the current estimated timetable for review by these authorities, the extraordinary general meeting of shareholders of Eutelsat called to approve the transaction should now be held in the second or third quarter of 2023. This potential lag compared to the timetable initially announced ” should not have a material impact on the combined entity’s financial outlook published as part of the proposed combination,” said Eutelsat.
Following the operation, the board of directors would be made up of 15 directors, including the Chairman and a Vice-Chairman: the current chairman of Eutelsat (independent), chairman of the future board of directors, the current Chief Executive Officer of Eutelsat, who will remain so, two directors proposed by Bharti, including Sunil Bharti Mittal as Vice-Chairman, one director proposed by Bpifrance Participations, one director proposed by the British government, one independent director representing the Fonds Stratégique de Participations, one independent director proposed by Hanwha, three independent directors proposed by OneWeb and four independent directors proposed by Eutelsat’s Board of Directors, three of whom must be chosen from among the current directors of Eutelsat. It would thus be composed of 67% independent directors.
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