South Korea’s Hanwha bought an 8.8% stake in OneWeb, the UK-backed satellite internet pioneer rescued from bankruptcy last year, for $300 million, the Financial Times reported.
Along with Elon Musk’s Starlink, OneWeb is at the forefront of a rapidly emerging market for internet and other services from cheaper, lower-flying satellites, the report said. Hanwha’s investment suggests a valuation of about $3.4bn for OneWeb, the report added. Full story: Financial Times.
Also on AF: Elon Musk says his Starlink venture might need $30 billion investment
This story was updated to amend the headline.
