OneWeb secures £393.8m from Eutelsat Communications to expand its space-based communications network
Eutelsat Communications has provided a £393.8m growth equity investment to secure a stake in the low Earth orbit satellite operator.
OneWeb operates a global communications network powered from space, delivering high-speed and low-latency broadband connectivity. The company deploys low Earth orbit satellites to bridge the digital divide and provide worldwide data services.
OneWeb has secured £393.8m in growth private equity investment from Eutelsat Communications. The transaction brings the company total funding to $1.9bn and provides approximately 80% of the required financing for its first-generation fleet.
Eutelsat Communications will receive a stake of roughly 24% and governance rights comparable to those held by the UK Government and Bharti Global. The partnership aims to combine OneWeb satellite technology with Eutelsat geostationary expertise and global commercial reach.
The capital injection supports the ongoing deployment of the 648 low Earth orbit satellite constellation. Transaction completion is expected in the second half of 2021 pending regulatory approvals.
From the founder
"Today’s investment is another giant leap forward for OneWeb in realising their ambition to provide global broadband connectivity around the globe."
Kwasi Kwarteng
Business Secretary at OneWeb
Investor perspective
"We are excited to become a shareholder and partner in OneWeb in the run up to its commercial launch later in the year and to participate in the substantial opportunity represented by the LEO segment within our industry. We are confident in OneWeb’s right-to-win thanks to its earliness to market, priority spectrum rights and evolving, scalable technology."
Rodolphe Belmer
Chief Executive Officer, Eutelsat Communications
Investors
Categories
About the company
OneWeb
OneWeb builds a global communications network powered by low Earth orbit satellites.