New Delhi: Bharti will invest an additional $500 million (over Rs 3,700 crore) in OneWeb, to become the largest shareholder in the satellite communications company run by billionaire Sunil Mittal Bharti Group Together with the UK government, it was saved from bankruptcy last year.
Nivesh is the result of the exercise of ‘Call Option’ by Bharti. Upon completion of the transaction and with Eutelsat’s $550 million investment, Bharti will hold a 38.6 percent stake. UK Government, Eutelsat and softbank Each will hold a 19.3 percent stake, OneWeb said in a statement.
The transaction is expected to be completed in the second half of 2021, subject to regulatory approvals.
“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 buy OneWeb from US Chapter 11 to bring its total funding to $2.4 billion,” OneWeb reported.
OneWeb has completed its transition with Bharti exercising the call option to invest an additional $500 million in the company.
The announcement comes as OneWeb prepares for its eighth launch on July 1, providing the much-anticipated and strategically valuable Arctic region coverage up to 50 degrees latitude.
The final shareholding structure is subject to change to the extent a member of the shareholder group exercises a part of the call option, the statement said.
Upon completion, OneWeb will have secured an equity investment of $2.4 billion without continuing debt.
OneWeb Executive Chairman Sunil Bharti Mittal Noted that the company represents a “unique opportunity” for investors at a critical moment in the commercialization of the space.
“With its global ITU LEO spectrum priority, telco partnership, successful launch speeds and reliable satellites, OneWeb is poised to meet the critical needs of high-speed broadband connectivity for those who are left behind.
“Nation-states can accelerate their universal service obligations, telecommunications, their backhaul and enterprise, and governments can service remote installations,” Mittal added.
Nivesh is the result of the exercise of ‘Call Option’ by Bharti. Upon completion of the transaction and with Eutelsat’s $550 million investment, Bharti will hold a 38.6 percent stake. UK Government, Eutelsat and softbank Each will hold a 19.3 percent stake, OneWeb said in a statement.
The transaction is expected to be completed in the second half of 2021, subject to regulatory approvals.
“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 buy OneWeb from US Chapter 11 to bring its total funding to $2.4 billion,” OneWeb reported.
OneWeb has completed its transition with Bharti exercising the call option to invest an additional $500 million in the company.
The announcement comes as OneWeb prepares for its eighth launch on July 1, providing the much-anticipated and strategically valuable Arctic region coverage up to 50 degrees latitude.
The final shareholding structure is subject to change to the extent a member of the shareholder group exercises a part of the call option, the statement said.
Upon completion, OneWeb will have secured an equity investment of $2.4 billion without continuing debt.
OneWeb Executive Chairman Sunil Bharti Mittal Noted that the company represents a “unique opportunity” for investors at a critical moment in the commercialization of the space.
“With its global ITU LEO spectrum priority, telco partnership, successful launch speeds and reliable satellites, OneWeb is poised to meet the critical needs of high-speed broadband connectivity for those who are left behind.
“Nation-states can accelerate their universal service obligations, telecommunications, their backhaul and enterprise, and governments can service remote installations,” Mittal added.
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