Bharti Enterprises’ stake in satellite broadband system developer OneWeb will increase to 38.6% after it agreed a $500m capital injection this week.
UK-headquartered low earth orbit satellite technology developer OneWeb secured $500m yesterday from diversified conglomerate Bharti Enterprises, which exercised a call option from a shareholder’s agreement to increase its stake to 38.6%.
OneWeb is developing a constellation of 650 low earth orbit satellites through which it intends to offer global broadband connectivity. This financing precedes the launch of 36 OneWeb satellites later this week.
Neil Masterson, OneWeb’s chief executive, said: “With the forthcoming launch we will have completed 40% of our…
