Satellite communications group SES has raised EUR908.8 million (USD1.016 billion) capital to fund the acquisition of all remaining shares in O3b Networks and take 100% ownership. SES announced today that it will use the proceeds raised to fund the total consideration of USD730 million to increase its ownership of O3b to 100%, subject to regulatory approvals which are expected to be completed during H2 2016. SES will also use around USD300 million to repay O3b’s most expensive debt facilities.
O3b currently operates twelve commercial Medium Earth Orbit (MEO) satellites, with another eight planned for launch, and its website currently claims that the network reaches consumers, businesses and organisations in over 180 countries across Latin America, Africa, the Middle East, Asia and the Pacific. The company is expected to generate revenue of over USD100 million this year, nearly double 2015’s turnover.
SES is headquartered in Luxembourg and listed on Euronext Paris and on the Luxembourg Stock Exchange (SESG).