Bharti Global to become largest shareholder in OneWeb after new USD 500 mln injection

News Video Global 30 JUN 2021
Bharti Global to become largest shareholder in OneWeb after new USD 500 mln injection

Global satellite network OneWeb said existing investor Bharti Global has agreed to put USD 500 million more into the company, exercising a call option expected to complete in the second half of the year. When the option closes, Bharti will be the largest shareholder, with a stake of 38.6 percent in OneWeb.

The UK government, Eutelsat and Softbank will each own 19.3 percent. The investment will put total funding raised by the LEO operator to USD 2.4 billion, with no debt issuance. The call option still needs to get regulatory approvals.

CEO Neil Masterson noted the company also benefits from USD 3.4 billion pre-Chapter 11 investment by its original shareholders. The company’s eighth satellite launch on 1 July will cover the Arctic and bring OneWeb coverage to 40 percent of its network goal. "Just ten more launches will enable us to deliver global coverage," the CEO added.

Categories:

Satellite

Companies:

Eutelsat,  Softbank,  OneWeb

Regions:

Global

Tags:

Production planning & operations, Shareholders & subsidiaries, Internet Access, Satellite, Financial funding

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