Hanwha Systems Invests $300 Million in OneWeb for 8.8% share

Bharti-backed OneWeb said that Hanwha Systems, the South Korean technology and manufacturing company is making $300 million equity investment in OneWeb, the Low Earth Orbit (LEO) satcom company.

OneWeb gets Cash Injection from Hanwha Systems

The statement said that Hanwha will bring new antenna technologies to OneWeb, along with defence capabilities and expanded geographic reach. With this, OneWeb's total equity investment rose to $2.7bn, with no debt issuance.

Further, the statement said that the transaction will go through in the first half of 2022. So far, out of the 648 satellites planned, the company has launched 254. Also, the company has enough reach to offer connectivity up to 50th parallel and above by year's end. The statement further added that OneWeb's satellite fleet now was fully funded.

Sunil Mittal, Chairman, Bharti Enterprises, said, "we welcome Hanwha to OneWeb. These are exciting and fast paced times in the space sector. With Hanwha alongside, we will be able to access the highest quality of technological thinking and development. They are a powerful partner in our global mission to connect the world".

Youn Chul Kim, President, CEO and Director, Hanwha Systems, added, "we are pleased to join hands with OneWeb, which has strength in the LEO communication area, the core of space business. To OneWeb ‘s vision of connecting all the people across the globe, Hanwha System’s satellite and antenna technology will bring more advantages".

Also, the statement added that the satcom company will appoint a Board Director to represent Hanwha in the company. The statement added that Herbert Smith Freehills LLP served as the legal counsel and UBS acted as the lead financial adviser to OneWeb on this transaction. Further, Barclays will act as financial advisers to the company.