South Korea based Hanwha Systems has acquired an 8.8 per cent stake in OneWeb for $300 million. With this investment, the satcom company has received a total of $2.7 billion in equity investment since November 2020, with no debt issuance.
According to the company, the fresh investment is expected to be completed in the first half of 2022 and is currently subject to regulatory approvals. Furthermore, OneWeb will appoint a director to represent Hanwha Systems’ share in the company upon completion of the deal. Hanwha Systems brings its defence capabilities and the latest antenna technologies to OneWeb. The two companies will also tap new government customers and expand their geographic reach.
OneWeb plans to introduce satellite-based broadband services in India by 2022.