Viasat, UAE's Space42 commit up to $1 billion to satellite connectivity venture

Sept. 14 (Reuters) - Viasat and UAE-based Space42 said on Monday they signed an agreement to establish Equatys, a platform that aims to connect smartphones and other devices directly to satellites, and committed up to $1 billion in equity.

Under the agreement, Space42 and Viasat will each make an initial $400 million commitment, with Space42 expected to invest an additional $200 million in a future funding round, the companies said.