SOFTBANK to invest in U.S OneWeb Ltd.

SOFTBANK to invest in U.S OneWeb Ltd.
Photo Credit To MIKI Yoshihito
Founder Masayoshi Son of the Japanese telecom and technology company SOFTBANK, has pledged an investment of 1 billion dollars as first tranche of a 50billion dollar investment to the U.S satellite venture, OneWeb Ltd., which seeks to provide Internet access to people around the world at affordable rates using satellites, and is part of a 1.2 billion dollar fundraising. OneWeb was established in 2012 and plans using these funds in the production of low-cost satellites, hopefully creating about 3,000 new jobs in the U.S.
In a joint statement, Mr. Son mentioned his desire to invest and support the company’s vision of creating more jobs in the United States and added this was a shared commitment with the now president-elect, Donald Trump.
The remainder is said to be funded by its current investors amongst them Qualcomm Inc., Virgin Group as well as Airbus Group and this transaction is expected to be closed as early as the first quarter of next year.

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