SoftBank Abandoning $14 Billion OneWeb, Intelsat Merger
SoftBank is said to be letting the $14 billion merger between its satellite startup OneWeb and peer Intelsat fall through.

Japanese telecommunications and Internet giant SoftBank (SFTBF) is said to be letting the $14 billion merger between its satellite startup OneWeb and peer Intelsat (I) fall through, Reuters reports.

SoftBank reportedly could not get enough of Intelsat's creditors to support the deal.

Negotiations between Intelsat and its creditors came to a close on Wednesday, ahead of a midnight deadline for the creditors to accept a debt swap. A combination between the two companies would have created a network of hundreds, possibly thousands of satellites in high and low altitudes that would help provide Internet access across the world, Reuters noted.

The two companies can terminate the deal as early as Friday, although sources warned Reuters some Intelsat creditors may make a final attempt to save the deal on Thursday.

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