Hanwha, a business conglomerate from South Korea, has bought an 8.8 percent share in satellite communications network OneWeb for USD 300 million. Upon completion of the transation in the first half of next year, OneWeb will appoint a board director to represent Hanwha’s share in the company. The satellite operator said the deal will bring further defence capabilities and the latest antenna technologies to OneWeb, along with new government customers and an expanded geographical reach.
The investment brings total equity investment into OneWeb to USD 2.7 billion since November 2020, with no debt issuance.
The company’s first generation of 648 satellites, aimed at bringing global coverage in 2022, is now fully funded. The company has launched 254 satellites to date, with another launch planned this month from Baikonur, Kazakhstan. By the end of this year, the company will be ready to provide connectivity services from the 50th parallel and above.
