OneWeb is set to merge with its corporate venturing investor Intelsat in a $13bn deal, with SoftBank paying $1.7bn in return for a 39.9% in the combined entity.
US-based satellite operator OneWeb, will try and merge with one of its founding investors, Nasdaq-listed, Luxembourg-based peer Intelsat, in an all-stock deal worth about $13bn of equity and debt.
The merger is subject to a successful debt exchange, whereby 85% of Intelsat’s bondholders agree to cutting its debt by $3.6bn, leaving the merged entity with about $11.4bn of debt, in exchange for shares in the combined business.
Intelsat has a market cap of $740m after a fall in its share price…
