SoftBank-Backed OneWeb Preparing to Raise $1 Billion: Telegraph
SoftBank-Backed OneWeb Preparing to Raise $1 Billion: Telegraph
(Bloomberg) -- Satellite-maker OneWeb is preparing to raise another $1 billion as costs soar for its planned launch of hundreds of advanced orbiters into space in 2020, the Telegraph reported, citing unidentified people.
OneWeb aims to raise the funds from investors as it prepares to launch 30 satellites a month from December in what will be the largest-ever program of its kind, the report said. The company’s backers include Japan’s SoftBank Group Corp., Richard Branson’s Virgin Group and Airbus SE.
About half the total amount is expected to come from SoftBank in a mix of fresh equity and debt, and spread over two years, the report said, adding that the final figure and timeline could still change. A company spokesman declined to comment, according to the Telegraph.
Discussions are under way after a $1.25 billion capital injection in March that valued OneWeb at $3.25 billion, the report said.
To contact the reporter on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Stanley James
©2019 Bloomberg L.P.