LightSquared, the wireless broadband and satellite company, has just announced that it closed on $850 million of debt and brings its total equity to $2 billion. Now, LightSquared wants to build its own 4G or LTE network to sell wholesale. The plan is not to sell it average consumers like you and me, but to other companies who will then sell it to us.
According to the Associated Press:
The company is owned by private-equity firm Harbinger Capital Partners, which announced in July it would launch the wireless network, which should cover 92 percent of the population by 2015.
Consumers won’t buy service directly from LightSquared. Instead, LightSquared will sell access wholesale to other companies that can resell it to consumers.
It’s nice to see plans and expansion of 4G infrastructure, and to think that we’ll get pretty ubiquitous coverage in the next few years is equally exciting.
LightSquare has already signed one wholesale agreement and is looking to line up more customers for the future.
[Via: Associated Press]