Bharti Group announced on Tuesday that it would invest around $500 million into the satellite communications company OneWeb to become the largest shareholder. Along with Bharti Group, the British government rescued the communications company from bankruptcy last year.
The investment is a result of a “call option” by Bharti which will make the company the largest shareholder with 38.6%. According to OneWeb, The UK government, Eutelsat and SoftBank will each own 19.3 per cent.
Bharti Group issued a statement,“OneWeb has completed its transformation with the exercise of a call option by Bharti to invest an additional $500 m into the company.”
This transaction is subject to regulatory nod and is expected to be completed in the second half of 2021. Upon completion of the transaction, OneWeb will have secured USD 2.4 billion of equity investment, with no issued debt in its kitty.
OneWeb said in a statement that, “OneWeb, the global low-earth orbit (LEO) satellite communications company, has secured further fundraising on the anniversary of the successful bid by the UK government and Bharti Global (Bharti) to purchase OneWeb from US Chapter 11 to bring its funding to $2.4 billion.”
Sunil Bharti Mittal, OneWeb Executive Chairman said, “The company represented a “unique opportunity” for investors at a key moment in the commercialisation of space”
He further “With its Global ITU LEO Spectrum priority, telco partnerships, successful launch momentum and reliable satellites, OneWeb is ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind. Nation-states can accelerate their universal service obligations; telcos their backhaul and enterprise; and governments can serve remote installations,” Mittal added.
Bharti Group announced on Tuesday that it would invest around $500 million into the satellite communications company OneWeb to become the largest shareholder. Along with Bharti Group, the British government rescued the communications company from bankruptcy last year.
The investment is a result of a “call option” by Bharti which will make the company the largest shareholder with 38.6%. According to OneWeb, The UK government, Eutelsat and SoftBank will each own 19.3 per cent.
Bharti Group issued a statement,“OneWeb has completed its transformation with the exercise of a call option by Bharti to invest an additional $500 m into the company.”
This transaction is subject to regulatory nod and is expected to be completed in the second half of 2021. Upon completion of the transaction, OneWeb will have secured USD 2.4 billion of equity investment, with no issued debt in its kitty.
OneWeb said in a statement that, “OneWeb, the global low-earth orbit (LEO) satellite communications company, has secured further fundraising on the anniversary of the successful bid by the UK government and Bharti Global (Bharti) to purchase OneWeb from US Chapter 11 to bring its funding to $2.4 billion.”
Sunil Bharti Mittal, OneWeb Executive Chairman said, “The company represented a “unique opportunity” for investors at a key moment in the commercialisation of space”
He further “With its Global ITU LEO Spectrum priority, telco partnerships, successful launch momentum and reliable satellites, OneWeb is ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind. Nation-states can accelerate their universal service obligations; telcos their backhaul and enterprise; and governments can serve remote installations,” Mittal added.