OneWeb Secures Additional Funding of $550M via Bharti Global

OneWeb, the popular Low Earth Orbit or LEO satellite communications company, on Tuesday, announced that it had secured further fund-raising, on the anniversary of the successful bid by the UK Government and Bharti Global in order to buy OneWeb from US Chapter 11 to bring its total funding to a whopping $2.4 billion.

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OneWeb has finally completed its transformation with the exercise of a Call Option by Bharti to invest an additional $500m into the company.

Today’s announcement comes just as OneWeb is prepping for its eighth launch on the 1st of July. The Call Option is also rumoured to be completed in the second half of 2021. On completion of the Call Option and with the prior $550m investment by Eutelsat, Bharti will hold 38.6% shares with the UK Government Softbank and Eutelsat each owning about 19.3%.

The final shareholding structure might differ to the extent that a member of the shareholders’ group chooses to exercise. On completion of the same, OneWeb will have secured $2.4bn of equity investment, complete with no issued debt.

What Does the Company Have to Say?

OneWeb’s Executive Chairman, Mr Sunil Bharti Mittal said that OneWeb represented a unique opportunity for investors at a key moment in the commercialisation of Space.

With its Global ITU LEO Spectrum priority, Telco partnerships and successful launch momentum, complete with reliable satellites, OneWeb are more than ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind.