OneWeb, Intelsat to merge with $1.7B in SoftBank backing
March 01, 2017
Wireless Service Providers | Luxembourg City, Luxembourg | PIPE
Satellite companies Intelsat (NYSE: I) and SoftBank-backed OneWeb have agreed to merge in a share-for-share transaction. To support the deal, SoftBank has agreed to invest $1.7 billion in newly issued voting and non-voting shares in the combined company to reduce Intelsat’s debt by approximately $3.6 billion. The transaction is expected to close late in 3Q. Intelsat's shares fell 15% on Tuesday.