Hanwha Systems invests $300 million in Bharti-backed OneWeb

CIOReviewIndia Team | Thursday, 12 August 2021, 04:27 IST

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

Hanwha brings further defence capabilities and the latest antenna technologies to OneWeb, alongside relationships to new government customers and expanded geographical reach.

This investment brings OneWeb’s total equity investment since November 2020 to $2.7bn with no debt issuance. The investment is expected to be completed in the first half of 2022, subject to regulatory approvals, an official statement 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," said Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises.

"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,” added Youn Chul KIM President, Chief Executive Officer and Director at Hanwha Systems.

“Hanwha brings advanced defence and antenna technology development to the OneWeb line-up. We are all delighted that they have chosen to join us on this journey of innovation, shaping a global service to connect the most remote locations and to provide a critical digital pathway from space to our interconnected world,” said Neil Masterson, Chief Executive at OneWeb.

On completion, OneWeb will appoint a Board Director to represent Hanwha’s share in the Company.

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.

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