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Shares in SoftBank rose as much as 1.2 per cent during early trading in Tokyo after it was reported it plans to merge OneWeb, the start-up it backs, with commercial satellite operator Intelsat in the latest deal for the Japanese telecommunications company.

The deal is expected to include a capital injection of $1.7bn into heavily indebted Intelsat, which is one of the world’s largest satellite operators. Startup OneWeb raised $1.2 billion in December from investors including SoftBank to launch a satellite network to bring internet access to remote regions.

This is the latest in a string of deals by SoftBank following a $3.3bn aquisition of US asset manager Fortress earlier this month and $32bn spent to acquire UK chip designer last year. SoftBank is also set to launch its $100bn technology fund.

Shares pared early gains to be up 0.1 per cent, underperforming the benchmark Topix, which was up 0.9 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.
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