Satellite operators OneWeb and Intelsat to merge

Reuters News
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Posted: Feb 28, 2017 7:17 AM

(Reuters) - OneWeb Ltd, a U.S. satellite venture backed by SoftBank Group Corp, and debt-laden satellite operator Intelsat SA on Tuesday agreed to merge in a share-for-share deal.

SoftBank will invest $1.7 billion in the combined company as part of the deal.

Intelsat had a market value of about $630 million as of stock's Monday close.

(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)