Softbank To Put $1.7 Bil. In U.s. Satellite Service Provider Intelsat

SoftBank to put $1.7 bil. in U.S. satellite service provider IntelsatSoftBank Group Corp. said Tuesday it will invest $1.7 billion in U.S. satellite service provider Intelsat S.A. to pave the way for a merger with U.S. satellite venture OneWeb Ltd. financed by the Japanese company.

The move came after the Japanese Internet and telecommunications conglomerate announced in December it would invest $1 billion in OneWeb, as the first step to keep a promise the Softbank chief made to then President-elect Donald Trump to boost jobs in the United States.

SoftBank said it will acquire a roughly 39.9 percent voting stake in the new company.