Softbank has taken a £380 million hit on its 47% stake in UK satellite company OneWeb.

OneWeb plans to launch a 600 satellite constellation to deliver internet services. It has so far launched six. From December onwards it plans to launch 30 satellites a month.

Softbank invested $1 billion in OneWeb in 2016 and, in March this year, invested another $1.25 billion.

The £380 million write down was made against the 2016 investment.

“We are focused on the next 24 months and on bringing a global service by October of 2021,” says OneWeb CEO Adrian Steckel, “we see our role as the largest internet service provider in the world by geography when we launch.”