Eutelsat, which counts the French state as a major investor, is the world's second-largest operator of low Earth orbit (LEO) satellites, which enable internet and phone services.
"Just like France, the United Kingdom considers Eutelsat a strategic player in space connectivity and wants to strengthen satellite sovereignty," the Elysee Palace said in a statement.
It added that Eutelsat's "commercial potential has been significantly boosted by the geopolitical context and the need for state independence".
As competition heats up in the satellite communications sector, where Starlink is a dominant player, some governments are looking for sovereign solutions.
Eutelsat has more than 600 satellites, following its 2023 merger with British firm OneWeb.
But it remains far smaller than the American heavyweight, which has 6,000 satellites lofted into orbit by Musk's comparatively cheap, reusable SpaceX rockets.
The French state recently announced plans to invest 717 million euros in Eutelsat, which would raise its stake to just under 30 percent from 13 percent, making it the company's largest shareholder.
The UK's investment will give it an almost 11-percent stake in the company.
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