LightSquared, the Virginia-based wireless broadband and satellite network, has raised $265 million to use funds for general corporate purposes, including the construction of its 4G-LTE wholesale network. Over the past 12 months, the company has raised $2.3 billion. Prior investors in LightSquared include Harbinger Capital Partners and Spectrum Assets.
RESTON, Va., July 5, 2011 — LightSquared™, the nation’s first wholesale-only integrated 4G-LTE wireless broadband and satellite network, announced today that it has raised $265 million. The capital was drawn from both existing investors as well as new investors in the company. LightSquared will use these funds for general corporate purposes, which includes constructing its world-class 4G-LTE wholesale network. Over the last 12 months LightSquared has raised over $2.3 billion.
“This latest round of financing signals another endorsement by the financial markets of our business model, and LightSquared’s intent to use private capital to build out a new network to meet the growing demand across this entire nation for wireless broadband access,” said Sanjiv Ahuja, chairman and chief executive officer of LightSquared.
LightSquared’s mission is to revolutionize the U.S. wireless industry. With the creation of the first-ever, wholesale-only nationwide 4G-LTE network integrated with satellite coverage, LightSquared offers people the speed, value, and reliability of universal broadband connectivity, wherever they are in the United States. As a wholesale-only operator, LightSquared will deploy an open 4G network to be used by existing and new service providers to sell their own devices, applications, and services – at a competitive cost and without retail competition from LightSquared. The deployment and operation of LightSquared’s network represent more than $14 billion of private investment over the next eight years. For more information about LightSquared, please go to www.LightSquared.com, www.facebook.com/LightSquared andwww.twitter.com/LightSquared.