Eutelsat
shares popped on Friday morning, after the European satellite operator announced a 1.35 billion euro ($1.55 billion) capital raise backed by the French state and other investors.
The company’s stock was up 19% at 9:29 a.m. London time.
The company said that, along with a debt refinancing plan, the capital increase would support its investment in its existing Low Earth Orbit (LEO) capabilities, which are focused on business-to-business and business-to-government operations.
The French state will become Eutelsat’s biggest shareholder following the move, holding 29.99% of capital and voting rights, followed by India’s Bharti Space Limited at 18.7%.
