Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government whether they will publish (1) their original investment case, including financial projections, for the purchase of a $500 million stake in US satellite technology company OneWeb in 2020; and (2) an updated business case and financial projections for their investment in the company.
Answered by Viscount Camrose
As was the case under previous governments, any investment case informing Government's decision to invest in OneWeb, including financial projections, remains commercially sensitive. As a publicly traded company, Eutelsat Group regularly publishes its financial results, including market guidance on their outlook and financial objectives, and the latest were published on 16 February 2024.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government, according to their business plan justifying their investment in US satellite technology company OneWeb in 2020, what projection they made of the value of the company at the end of 2024.
Answered by Viscount Camrose
As was the case under previous governments, any investment case informing Government's decision to invest in OneWeb, including financial projections, remains commercially sensitive. As a publicly traded company, Eutelsat Group regularly publishes its financial results, including market guidance on their outlook and financial objectives, and the latest were published on 16 February 2024.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what is their (1) current, and (2) expected future, equity stake in US satellite technology company Eutelsat OneWeb (formerly OneWeb).
Answered by Viscount Camrose
Eutelsat OneWeb is a UK-based subsidiary of Eutelsat Group. The Government has no plans to change its 10.89% shareholding in Eutelsat Group at this time.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what is the current value of the Government's stake in Eutelsat OneWeb.
Answered by Viscount Camrose
Eutelsat OneWeb is a UK-based subsidiary of Eutelsat Group. At close of trading on 26 April 2024, the market value of the UK Government’s shareholding in Eutelsat Group was approximately €201 million or £171 million.
The Government’s investment into OneWeb has already created or protected around 400 UK jobs and Eutelsat OneWeb continues to ramp up commercial operations, with an order book of approximately €700m according to the company’s public filings.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government whether any additional equity or debt has been earmarked for further investment in Eutelsat OneWeb, following the Government's $500 million investment in 2020.
Answered by Viscount Camrose
Eutelsat OneWeb is a UK-based subsidiary of Eutelsat Group. The Government has not earmarked any additional equity or debt for investment into Eutelsat Group.