SoftBank Returns to Invest in Musk Satellite Rival OneWeb
Photographer: Yuri Smityuk/TASS/Getty Images
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SoftBank Group Corp. has injected $350 million into satellite startup OneWeb, helping to revive a business that stumbled into bankruptcy last year.
The Japanese conglomerate and U.S. satellite company Hughes Network Systems LLC invested a total of $400 million in the low-earth orbit venture, which was rescued by the U.K. government and Indian telecommunications company Bharti Global. SoftBank will get a board seat as part of the investment, which takes OneWeb’s funding to $1.4 billion, OneWeb said in a statement Friday.