UK will invest $190 million in French satellite group Eutelsat

LONDON (Reuters) -Britain will invest 163 million euros ($190.78 million) in French satellite group Eutelsat, it said on Thursday, as the two countries hold a summit in London as part of a state visit to deepen trade ties and cooperation on migration.

The British government said it would retain its 10.9% stake in Eutelsat, which competes with American billionaire Elon Musk's Starlink. The statement comes on the third day of French President Emmanuel Macron's state visit to Britain.

With a recently-announced 1.35 billion-euro investment in the satellite operator, the French government is set to become its largest shareholder later this year, overtaking Indian billionaire Sunil Mittal's Bharti Space.

($1 = 0.8544 euros)

(Reporting by Muvija M and Sam Tabahriti, editing by William James)