OneWeb says that the now near-certain collapse of its planned merger with Intelsat has by no means slowed any of the company’s progress, and that other geostationary satellite operators have already expressed interest in taking Intelsat’s place.
The debt swap was a condition of a planned investment by Japan's SoftBank as part of a merger with OneWeb announced earlier this year.
One day after the deadline passed for a debt swap Intelsat needs to ensure its merger with OneWeb — and a $1.7 billion investment from Japanese conglomerate Softbank — come to fruition, Intelsat has again extended the window for shareholders to participate to May 15.
Global satellite fleet operator Intelsat says mobility customers have become the “power users” of its first high-throughput satellites, providing reliable demand while other sectors warm to the new systems at a slower rate.
Satellite telecom startup OneWeb, emboldened by the oversubscribed $1.2 billion Softbank-led investment gained in December, is on the verge of adding another 2,000 satellites to its previously proposed constellation of several hundred satellites.
OneWeb has raised $1.2 billion in an investor round led by SoftBank, completing the non-debt financing the start up needs to build its satellite internet constellation.