OneWeb, the British satellite giant, completed its combination with French rival Eutelsat Thursday, setting the stage for a European challenger to Elon Musk's space internet venture Starlink. It comes as competition is heating up between different players in the multibillion-dollar space industry. Likewise, OneWeb also targets enterprise customers, but offers a different service capability thanks to its LEO network – similar to SpaceX's Starlink satellite internet. Eutelsat will remain headquartered in Paris, and OneWeb will continue operating in London with its name changed to Eutelsat OneWeb. Commercial deals are gaining traction in the space industry, with Musk's Starlink service working alongside businesses including Spain's Telefonica and French firms Marlink and Speedcast.

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Persons: Elon, Morgan Stanley, OneWeb, Starlink, Eutelsat, Eva Berneke, Neil Masterson, Masterson, Musk's Organizations: Telecom Italia, Deutsche Telekom, Euronext Paris Stock, London Stock Exchange, Eutelsat, CNBC, Spain's Telefonica, SpaceX, SES Locations: British, Orange, Paris, London