Satellite/terrestrial venture LightSquared announced today that it has secured US$265m in additional financing.
The company said that the capital was drawn from both existing and new investors. A spokesman refused to disclose more specific…
Satellite/terrestrial venture LightSquared announced today that it has secured US$265m in additional financing.
The company said that the capital was drawn from both existing and new investors. A spokesman refused to disclose more specific details.
LightSquared’s main backer is the New York-based hedge fund Harbinger Capital Partners, which is headed by Philip Falcone.
The proceeds of the financing round will be used for general corporate purposes, including the development of its nationwide LTE network, LightSquared said.
The news of the additional financing comes after a week in which LightSquared’s plans have come under a barrage of criticism from the GPS industry due to interference caused by LightSquared’s technology to GPS signals.
LightSquared said that it had raised over US$2.3bn over the last year. Nonetheless, the company still reportedly requires more billions to roll out its LTE network.
Reports in June that it had struck a network sharing deal with Sprint Nextel have not been confirmed by either party.
