SoftBank to invest US$1b in US satellite venture OneWeb

[LONDON] SoftBank Group Corp has agreed to invest US$1 billion in OneWeb Ltd, which is building a constellation of satellites to improve global broadband access, the Japanese Internet conglomerate and the US startup firm said on Monday.

The investment is part of a US$1.2 billion fundraising by OneWeb, with the remaining US$200 million funded by its current investors.

The announcement comes after SoftBank's founder billionaire businessman Masayoshi Son pledged a US$50 billion investment in the United States in a meeting with President-elect Donald Trump this month.

OneWeb, established in 2012, aims to provide affordable internet access "to billions of people around the world," the company said in a statement.

Existing investors in OneWeb include Qualcomm Inc and Airbus Group.

REUTERS