The South Korean company Hanwha Systems has officially announced the sale of its stake in the satellite operator Eutelsat OneWeb. The company got rid of it 5,4% shares, suffering at the same time losses in the amount of approx 200 мільярдів вон, which is due to the drop in the market value of the asset to a third of the initial investment.
За даними агентства Reuters, the sale agreement was concluded for the amount 88,5 млн доларів США (close 120 billion won). IN 2021 Hanwha Systems invested in the British company OneWeb 300 million dollars, having received 8,8% shares. After the merger of OneWeb with the French Eutelsat in 2023 year, Hanwha's share decreased to 5,4%, and the company itself lost its seat on the board of directors, because she no longer had the right to participate in management.
The decision to withdraw from the project was made due to the impossibility of influencing the company's strategic decisions without access to management bodies. At the same time, Hanwha Systems announced a change in priorities: instead of participating in civilian satellite initiatives, the company will focus on the development of defense space projects, including satellite communications for military purposes.
Despite the sale of shares, Hanwha Systems retains the status of the exclusive provider of Eutelsat OneWeb satellite Internet for the armed forces of South Korea until 2030 year. This allows for stable implementation of the project “A commercial satellite communication system based on low Earth orbit”.
Hanwha is also actively involved in building a national military satellite communications infrastructure. In particular, the company is the payload developer for South Korea's first low-Earth orbit communications satellite, implemented as part of the project of the Agency for the Development of Defense Technologies (ADD) still with 2018 year.