Appleby advises O3B $1.2bn (£700m) funding for a series of satellites to support super-fast broadband connections to Africa and other emerging markets named as “the fibre in the sky”.

Appleby has advised O3b Networks works, on its US1.2 billion financing backed by world-class financial and operational support from SES, HSBC, LibertyGlobal, Development Bank of South Africa, Sofina, Satya Capital, Google, Northbridge Venture Partners, Allen & Company, to create a global internet backbone to service several billion consumers, businesses and other organisations in more than 150 countries.

O3b Networks is the developer of a new fiber-quality, satellite-based global internet backbone for Telecommunications Operators and Internet Service Providers serving the emerging markets. O3b is building a next-generation network that combines the reach of satellite with the speed of fiber and these groundbreaking services will enable emerging market telecommunication companies and ISPs in Africa to make the internet a truly global and universal experience. BBC news reported that “the financing has been secured for one of the most ambitious commercial space projects of the decade`O3b´s largest debt facility, some $510m, is being provided by HSBC, ING, CA-CIB and Dexia. This is underwritten by the French export credit agency, Coface, which has been extremely active recently in supporting big space projects involving Thales Alenia Space”. Two other tranches of O3B debt are provided by developmental financial institutions, like the African Development Bank and the International Finance Corporation whose primary goal is creating opportunity and improving lives in emerging markets. O3B’ social perspective is reflected in its name, which stands for “other three billion”.