WASHINGTON, D.C.: Satellite telecom firms OneWeb and Intelsat announced plans Tuesday (Wednesday in Manila) to merge, and a fresh $1.7 billion investment from Japan’s SoftBank to advance an ambitious “internet in the sky” plan.

The deal aims “to create a financially stronger company with the flexibility to aggressively pursue new growth opportunities resulting from the explosion in demand for broadband connectivity for people and devices everywhere,” the firms said in a joint statement.

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