SoftBank paid $350m for a 30% stake in the satellite internet system developer, which has emerged from bankruptcy, while Hughes Network Systems supplied the other $50m.
Telecommunications and internet group SoftBank and satellite network operator Hughes Network Systems invested a combined $400m in UK-based satellite internet system developer OneWeb today.
The capital will be added to the $1bn committed by conglomerate Bharti Enterprises’ Bharti Global subsidiary and the UK government to buy OneWeb in July 2020 in an auction following its bankruptcy.
OneWeb is setting up a constellation of satellites intended to provide widespread broadband internet coverage. It declared bankruptcy in March 2020, at which…
