OneWeb, the global Low Earth Orbit (LEO) satellite communications company, has secured further fund-raising on the anniversary of the successful bid by UK Government and Bharti Global (Bharti) to purchase OneWeb from US Chapter 11 to bring its total funding to $2.4 billion. OneWeb has completed its transformation with the exercise of a Call Option by Bharti to invest an additional $500m into the company.
The announcement comes as OneWeb prepares for its eighth launch on July 1, delivering highly anticipated and strategically valuable Arctic region coverage down to 50 degrees latitude.
The Call Option is expected to be completed in the second half of 2021, subject to regulatory approvals. On completion of the Call Option and with Eutelsat’s $550m investment, Bharti will hold 38.6%. The UK Government, Eutelsat and Softbank will each own 19.3%.
The final shareholding structure may alter to the extent a member of the shareholders’ group chooses to exercise a part of this call option.
On completion, OneWeb will have secured $2.4bn of equity investment, with no issued debt.
“OneWeb represents a unique opportunity for investors at a key moment in the commercialisation of Space. With its Global ITU LEO Spectrum priority, Telco partnerships, successful launch momentum and reliable satellites, OneWeb is ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind. Nation states can accelerate their universal service obligations, Telcos, their backhaul and Enterprise and Governments can serve remote installations,” said Sunil Bharti Mittal, executive chairman, OneWeb.
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