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Softbank to invest in US satellite business www.nhk.or.jp
Japanese telecom firm Softbank Group plans to become the largest stockholder of a firm to be formed through the merger of a US startup group and a global satellite operator.
Softbank executives say the startup group it backs, One-Web, agreed to the merger with satellite operator Intelsat.
They also say Softbank will invest 1.7 billion dollars in the combined company to take a nearly 40 percent voting stake.
Softbank said in December that it would invest a billion dollars in One-Web. The venture is to launch small satellites orbiting Earth at low altitudes to provide Internet connectivity.
Intelsat operates a worldwide satellite communication network for the broadcasting and telecom industries.
Softbank Group Chairman and CEO Masayoshi Son says the latest plan is in line with his firm's strategy of investing in innovative technology.
Published Date:2017-03-01
