Hanwha Systems to Invest US$300 Million in Global Satellite Company OneWeb
Seoul and London – Paul Hastings LLP, a leading global law firm, announced today that it has advised Hanwha Systems Co. on its US$300 million investment in OneWeb, a U.K.-based low earth orbit satellite communications company, to acquire a 8.8% stake with certain governance rights, including a board seat. Completion of the transaction is subject to customary regulatory approvals. With this transaction, Hanwha would join other existing and prospective investors in OneWeb, including the U.K. Government, global telecom operator Bharti Global, French satellite operator Eutelsat, and SoftBank.
Hanwha Systems is a total solutions company in defense electronics and information infrastructure under South Korean conglomerate Hanwha Group. The investment enables Hanwha Systems to strengthen its satellite communications network and foster development of its space business with combined advantages.
OneWeb, headquartered in London, is a global communications network powered from space, enabling connectivity for governments, businesses, and communities.
As a trusted partner of Hanwha Group, the firm has advised on Hanwha Solutions’ debut issuance of green bonds, Hanwha Systems’ US$345 million Korea IPO, the US$1.2 billion merger of Hanwha Q CELLS and Hanwha SolarOne, and the US$370 million strategic equity investment of Hanwha Chemical in Solarfun Power.
Paul Hastings’ leading Korea practice has advised on several landmark mergers and acquisitions in 2021, including HYBE’s US$1 billion acquisition of Ithaca Holdings and IYUNO Media’s acquisition of SDI Media.
The Paul Hastings team was led by Seoul partner Iksoo Kim and London partner Garrett Hayes, with support from London associates Sam Waite and Catherine Kennedy, Seoul partner Dong Chul Kim, and Seoul associate Sye Myung Kim.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.