Bharti backed OneWeb, the Low Earth Orbit (LEO) satellite communications company, on Thursday said it received $300 million equity investment from Hanwha Systems of South Korea for 8.8 per cent share.

This investment brings OneWeb’s total equity investment since November 2020 to $2.7 billion with no debt issuance. The investment is expected to be completed in the first half of 2022, subject to regulatory approvals, the company said in a statement.

Hanwha is a Fortune 500 global technology and manufacturing company. It brings further defence capabilities and latest antenna technologies to OneWeb, alongside relationships with new customers and expanded geographical reach.

On completion, OneWeb will appoint a Board Director to represent Hanwha’s share in the company, it said, adding that Herbert Smith Freehills LLP served as the legal counsel and UBS acted as the lead financial adviser to OneWeb on this transaction. Barclays are also financial advisers to the company.

“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,” Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, said.

OneWeb’s first generation fleet of 648 satellites that will deliver global coverage in 2022 is fully funded. To date, the company has launched 254 satellites into orbit, with another launch planned this August from Baikonur, Kazakhstan.

OneWeb’s network will be ready to offer connectivity services from 50th parallel and above by the end of 2021, the company said.

“To OneWeb’s vision of connecting all the people across the globe, Hanwha System’s satellite and antenna technology will bring more advantages,” Youn Chul KIM President, Chief Executive Officer and Director at Hanwha Systems said.

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