French satellite group Eutelsat
, often seen as Europe’s answer to Elon Musk’s Starlink, saw its share price plummet Wednesday following a report that Japanse investor SoftBank cut its stake in the company.
Shares in Eutelsat were last trading 7.2% lower as of 4.41 a.m. ET.
The moves come following a Reuters report that SoftBank has sold 36 million rights, corresponding to around 26 million shares and around half their stake in the satellite operator.
Eutelsat is the owner of the satellite internet provider OneWeb, which it merged with in 2023 in a bid to challenge Starlink’s dominance in the market.
