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SoftBank, Hughes make $400 mn bet on OneWeb
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The UK government and Mittal s Bharti Global had invested $500 million each to acquire OneWeb under a bankruptcy resolution process. (File Photo: Mint)
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Japan’s SoftBank Group and Hughes Network Systems LLC have invested $400 million in OneWeb, a broadband satellite communications company acquired by a consortium of investors comprising the UK government and Sunil Mittal-led Bharti Global.
The investment will take the total funding in OneWeb to $1.4 billion, a company statement said. The UK government and Bharti Global had invested $500 million each to acquire OneWeb under a bankruptcy resolution process.
Synopsis
“The capital raised to date positions the company to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022,” a statement released by OneWeb said on Friday.
Agencies
Prior to the latest funding round, the UK government and Bharti Global held 42.2% stake each in OneWeb with other partners holding the balance 15.6%.
SoftBank Group and Hughes Network Systems LLC will together pump an additional $260 million into OneWeb, the low Earth Orbit Satellite Communications company jointly owned by the UK Government and Bharti Global. With this additional funding, the total received by OneWeb will reach $1.4 billion.
“The capital raised to date positions the company to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022,” a statement released by OneWeb said on Friday.