Paul Hastings Advises Shareholder Hanwha Systems on Proposed Combination between OneWeb and Eutelsat
Seoul, London and Paris - Paul Hastings LLP, a leading global law firm, has advised Hanwha Systems Co., Ltd., a South Korean shareholder in OneWeb, on its proposed combination with Paris-based satellite operator Eutelsat to create a global multi-orbit satellite broadband operator.
The deal would combine Eutelsat’s satellite fleet in geostationary orbit (GEO) with OneWeb’s constellation in low Earth orbit (LEO) to become the first multi-orbit satellite operator offering integrated GEO and LEO solutions.
Hanwha Systems, along with other OneWeb shareholders, will contribute its stake to Eutelsat in exchange for newly issued shares in the company, valuing OneWeb at US$3.4 billion. Existing Eutelsat and OneWeb shareholders will each get 50% of the combined company’s shares. Following the deal, OneWeb will continue to operate the LEO business from its headquarters in London and Eutelsat would remain headquartered in Paris.
The companies expect to complete the merger by the end of the first half of 2023.
The Paul Hastings team was led by Seoul partner Iksoo Kim, London partners Garrett Hayes and Matthew Poxon, alongside Paris partner Charles Cardon, and associates Nicolas Lovas and Jordan Jablonka on the corporate aspects as well as partner Camille Paulhac and associate Juliette Hua on the antitrust and regulatory aspects.
In 2021, Paul Hastings also advised Hanwha Systems on its US$300 million investment in OneWeb. Additionally, as a trusted partner of Hanwha Group, the firm has advised on Hanwha Solutions’ debut issuance of green bonds, Hanwha Systems’ US$345 million Korea IPO, the US$1.2 billion merger of Hanwha Q CELLS and Hanwha SolarOne, and the US$370 million strategic equity investment of Hanwha Chemical in Solarfun Power.
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