Eutelsat headquarters
Eutelsat headquarters are located in Paris, France. Credit: Simon Lambert/REA

WASHINGTON — Satellite fleet operator Eutelsat has rejected an unsolicited $3.2 billion takeover offer from telecom magnate Patrick Drahi. 

On Sept. 29, Eutelsat confirmed media reports that it had received an “unsolicited, preliminary and non-binding proposal” from Drahi but that Eutelsat’s governing bodies “unanimously decided not to engage in discussions based on the terms of this proposal.”

Eutelsat issued a second statement Sept. 30 stating that Drahi offered 12.10 euros ($14.02) per share, a 17 percent premium over Eutelsat’s closing share price the day before.

Drahi is the founder of Altice NV, a multinational telecommunications firm he took private in January amid an acquisition streak that included a 12% stake in British telecom operator BT Group.

Eutelsat, for its part, announced in April that it was paying $550 million to take a 24% stake in low-Earth-orbit broadband operator OneWeb

Brian Berger is editor in chief of and the SpaceNews magazine. He joined in 1998, spending his first decade with the publication covering NASA. His reporting on the 2003 Space Shuttle Columbia accident was...