May Mergers & Acquisitions
May 10 – OneWeb Holdings Limited (OneWeb) announced that it entered into an agreement to acquire TrustComm Inc. (TrustComm), a Texas-based provider of managed satellite communications services. Following closing of the transaction, which is expected to occur later this year, subject to regulatory approvals, TrustComm will operate as a proxy subsidiary of OneWeb focused on marketing LEO broadband services to the U.S. Department of Defense and other government agencies. Earlier in the month, OneWeb announced that it was selected by the U.S. Air Force Research Laboratory to demonstrate managed satellite communications services in strategic Arctic locations under a contract valued at around $3.4m and expected to run 18 months. In a separate development, on May 13, OneWeb announced that it entered into a new cooperative agreement with existing shareholder SoftBank Group Corp. (SoftBank) whereby the companies will collaborate on technical, product and market development, with a focus on Japan, including through integration of OneWeb’s LEO constellation services with SoftBank’s Digital Transformation (DX) platform.
