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Report: Satellite startup OneWeb getting SoftBank as backer

SoftBank Group Corp. will invest ¥100 billion in U.S.-based satellite startup OneWeb Ltd., Jiji Press reported Dec. 18, citing people familiar with the matter.

OneWeb reportedly plans to establish a high-speed global telecommunications network by launching more than 600 small satellites into low orbit.

The move is part of SoftBank's strategy to expand its footprint overseas, according to the sources.

The Japanese tech giant recently pledged to invest $50 billion in U.S. startups.

As of Dec. 16, US$1 was equivalent to ¥118.32.