Eutelsat Group has completed the sale of OneWeb’s 50% share in the Airbus OneWeb Satellites joint venture.

The stake in the Florida-based business, which built the satellites for the OneWeb First Generation constellation, is being acquired by co-owner, Airbus U.S. Space & Defense, Inc.

The agreement reflects Eutelsat Group’s ongoing management of its assets with a view to optimizing and monetizing its portfolio as part of its debt reduction efforts.

Massimiliano Ladovaz of Eutelsat Group said: “We are proud to have partnered with Airbus in this joint venture which has assured the successful build of OneWeb’s First Generation constellation, and we are confident the business will continue to thrive by addressing the growing demand for small sats, with a best-in-class, competitive offer. Looking ahead, Eutelsat Group will benefit from being able to call on a more diversified range of suppliers for its future in-orbit needs, including Airbus which remains one of our most trusted partners.”