Choate Represents OneWeb in Alliance with Intelsat, Investments from SoftBank
Choate Press Release
| March 3, 2017
Choate is providing counsel to WorldVu Satellites Limited d/b/a OneWeb in a series of high-profile transactions intended to help the communications company achieve its mission of expanding internet connectivity across the globe.
Choate advised the company on the recently announced merger with Intelsat (NYSE: I) in a share-for-share transaction valued at $13 billion. Choate has also advised the company over the past six months on a $1 billion equity investment by Japanese telecommunications company SoftBank Group Corp. As part of the proposed merger with Intelsat, SoftBank has also agreed to invest up to an additional $1.7 billion in the newly combined entity.
The marriage of OneWeb’s LEO satellite constellation and innovative technology with Intelsat’s global scale, terrestrial infrastructure and GEO satellite network will create advanced solutions that address the need for ubiquitous broadband. The ultimate goal is to deliver a superior and cost-efficient satellite-based wireless Internet service to the market. The transaction is also anticipated to immediately improve Intelsat’s capital structure and enhanced financial flexibility.
The Choate team is led by Business and Technology partners Bob Jahrling and John Meltaus and includes partners Timothy Becker (Tax) and Louis Marett (Tax) and associates Jason Lawler and Tobin Sullivan.