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OneWeb-Eutelsat set for secondary London listing – The Times
Global Banking and Finance Review
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(Reuters) – A combined company of London’s OneWeb and French satellite firm Eutelsat Communications SA is set to list on the London Stock Exchange this year, a move that could help recover Britain’s status as a hotspot for tech listings, The Times reported on Tuesday.
(Reuters) – A combined company of London’s OneWeb and French satellite firm Eutelsat Communications SA is set to list on the London Stock Exchange this year, a move that could help recover Britain’s status as a hotspot for tech listings, The Times reported on Tuesday.
A secondary listing was a commitment negotiated by ministers as part of plans for OneWeb to merge with Eutelsat, the newspaper reported, quoting Indian billionaire investor and OneWeb’s executive chairman Sunil Bharti Mittal.
The companies had announced a deal to merge last year, when OneWeb was valued at $3.4 billion.
London is facing the risk of losing its appeal for stock-market listings. Earlier this month, UK chip designer Arm announced its decision to list only in New York, triggering calls for faster reforms to help the capital’s financial district compete better in global tech listings.
Eutelsat and OneWeb did not immediately respond to Reuters requests for comment.
(Reporting by Anirudh Saligrama in Bengaluru; Editing by Shilpi Majumdar)
The London Stock Exchange is one of the largest and oldest stock exchanges in the world, where shares of publicly traded companies are bought and sold.
A secondary listing occurs when a company lists its shares on a stock exchange outside its home country, allowing it to access a broader pool of investors.
A merger is a business combination where two companies join to form a single entity, often to enhance competitiveness and efficiency.
Market capitalization is the total market value of a company's outstanding shares, calculated by multiplying the share price by the total number of shares.
A tech listing refers to the process of a technology company going public by offering its shares on a stock exchange, attracting investments from the public.
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