German govenment blocks Chinese takeover of startup satellite company
The German govenment today blocked the completion of a stock deal that would have transferred almost complete ownership of the startup satellite company KLEO Connect to a Chinese firm.
The cabinet agreed a decision by the economy ministry not to let Shanghai Spacecom Satellite Technology, which already has 53% of the company, acquire the 45% minority stake of German company EightyLeo, according to the sources.
KLEO Connect wants to establish a network of more than 300 small, low earth orbit satellites to be fully operational by 2028 along with the ground infrastructure to provide global communications services – similar to SpaceX with its project Starlink. [emphasis mine]
It appears this decision might be a bit late, considering that this Chinese pseudo-company, undoubtably working under the supervision of the Chinese communists, already owns a majority stake. That lateness however appears to be part of the German government’s decision in the last year to toughen its stance on China.
The German govenment today blocked the completion of a stock deal that would have transferred almost complete ownership of the startup satellite company KLEO Connect to a Chinese firm.
The cabinet agreed a decision by the economy ministry not to let Shanghai Spacecom Satellite Technology, which already has 53% of the company, acquire the 45% minority stake of German company EightyLeo, according to the sources.
KLEO Connect wants to establish a network of more than 300 small, low earth orbit satellites to be fully operational by 2028 along with the ground infrastructure to provide global communications services – similar to SpaceX with its project Starlink. [emphasis mine]
It appears this decision might be a bit late, considering that this Chinese pseudo-company, undoubtably working under the supervision of the Chinese communists, already owns a majority stake. That lateness however appears to be part of the German government’s decision in the last year to toughen its stance on China.