[11-29-10] Operator O3b Networks announced Nov. 29 that the company raised a total of $1.2 billion through a multi-layered finance deal from a group of investors and banks, including the African Development Bank. The deal also is covered by a guarantee from export credit agency Coface.
The arrangement fully funds O3b’s plans to launch its first satellites to provide lowâ€latency, fiberâ€quality Internet connectivity between developing markets and the global Internet infrastructure. O3b, which is backed by Google, plans to launch services in emerging markets in the first half of 2013.
In an interview with Satellite News, O3b CEO Mark Rigolle said the company’s future is much brighter now that it has secured financing at “historically attractive levels.”
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O3b CEO Rigolle: Future ‘Much Brighter’ After Financing Completed
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