Bharti Global to Invest An Extra $500 Million in OneWeb

Bharti Global will invest an additional $500 million in OneWeb, the companies said on Tuesday. This move will take the company’s total funding up to $2.4 billion.

OneWeb to Get Half a Billion Dollars More from Bharti

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

OneWeb is also preparing for a satellite launch on July 1st. As such, this announcement comes at a critical time for the satcom company. In the upcoming launch, the company will deliver satellites to cover the strategically valuable Arctic region. The new batch will provide coverage down to 50 degrees latitude.

The statement further added that the company will complete the call option in the second half of 2021. However, that depends as and when regulatory approvals arrive. The companies also said, "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%".

Incidentally, if a member of the shareholders' group chooses to exercise a part of the call option, it may change the final shareholding structure. Once this round goes through, the satcom company will have secured $2.4 billion of equity investment, with no issued debt.

OneWeb’s Executive Chairman, Sunil Bharti Mittal said, "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".