Tuesday, May 11, 2021

BHARTI BACKED OneWEeb SECURES $550 MILLION IN NEW FUNDING

OneWeb, the global communications network powered from space, announces today that it has secured $550 million in funding from Eutelsat Communications (Euronext Paris: ETL), bringing OneWeb’s total funding to $1.9 billion in fresh equity.

Eutelsat, one of the world’s leading satellite operators, will receive a c.24% equity stake in OneWeb and similar governance rights to the U.K. Government and Bharti Global, making it a significant equity partner and joining leading investors including the U.K. Government, Bharti Global, and SoftBank.

Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises said: “We are delighted to welcome Eutelsat into the OneWeb family.

“As an open multi-national business, we are committed to serving the global needs of governments, businesses, and communities across the world. Together we are stronger, benefitting from the entrepreneurial energy of Bharti, the extensive global outreach of the UK Government, and the expertise in the satellite industry at Eutelsat.

Business Secretary Kwasi Kwarteng said: “Today’s investment is another giant leap forward for OneWeb in realizing their ambition to provide global broadband connectivity around the globe.

Neil Masterson, Chief Executive Officer of OneWeb, said: “We are delighted with the investment from Eutelsat, which validates our strategy, technology, and commercial approach. We now have 80% of the necessary financing for the Gen 1 fleet, of which nearly 30% is already in space.

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