Eutelsat shares rose 31% after the €1.35bn capital increase, backed by the French government, which becomes the main shareholder.

Eutelsat has announced a €1.35 billion capital increase with the backing of the French state, which will become the largest shareholder with 29.99%. It will support investment in the LEO satellite network to compete with Starlink. Eutelsat has also signed a 10-year contract with the French military for priority access to its capabilities. Shares soared 31% and the company, the result of a merger with OneWeb, becomes the second global LEO operator.