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Mourant Ozannes advises on proposed merger of OneWeb and Intelsat and connected $1.7 billion capital injection by Softbank

14/03/2017

Mourant Ozannes is advising both OneWeb and Softbank (on two sides of an ethical wall) on the proposed multijurisdictional merger between OneWeb and Intelsat and the connected $1.7 billion capital injection by Softbank into the combined group.

OneWeb is a US based satellite company which will provide a global internet broadband service. Intelsat originated as an intergovernmental consortium owning and managing a constellation of communications satellites, and is now based in Luxembourg with a listing on the New York Stock Exchange. Softbank, the global technology group headquartered and traded in Tokyo, is an existing investor in OneWeb and is closely involved in the proposed transaction; following the merger and its $1.7 billion investment, Softbank will be a major stakeholder in the combined group.

OneWeb has a Jersey topco, WorldVu Satellites Limited, and Mourant Ozannes have acted as Jersey counsel for OneWeb since its launch in 2014. Since then Mourant Ozannes has assisted the group with a number of transactions advancing its ambitious growth strategy.

The Mourant Ozannes team acting for OneWeb is led by partner Mark Chambers and senior associate Andrew Salisbury, working closely with U.S. counsel for OneWeb, Choate Hall & Stewart LLP.  

Mourant Ozannes is also providing Jersey law advice to Softbank and OneWeb on the deal. The Mourant Ozannes team acting for Softbank is lead by partner Gareth Rigby and senior associate Amy Demetriou, working with U.S. counsel Morrison & Foerster and Luxembourg counsel Arendt & Medernach.

Commenting on the deal, partner Mark Chambers said: "We have worked closely with the OneWeb team since its inception, and are delighted to have been involved in this significant transaction for them. OneWeb has an exciting goal to spread internet connectivity across the globe, and we're pleased to assist them in achieving their ambitions. This matter involves multiple jurisdictions and structuring proposals moving at fast pace, demonstrating our experience in handling transactions of a complex nature."

Partner Gareth Rigby, commenting on the deal, said: "That we were approached to work for both OneWeb and Softbank on this high profile merger speaks to our strengths and reputation as a Jersey law firm. Within our corporate team, we have both the breath and depth of expertise to provide all clients involved with the best possible service in these circumstances. We've enjoyed working with Softbank and the team at Morrison & Foerster and look forward to helping them see this transaction through to a successful outcome."