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The UK government to acquire satellite company OneWeb in deal funded in part by India’s Bharti Global

Distressed satellite constellation operator OneWeb, which had entered bankruptcy protection proceedings at the end of March, has completed a sale process, with a consortium led by the UK Government as the winner. The group, which includes funding from India’s Bharti Global – part of business magnate Sunil Mittal’s Bharti Enterprises – plan to pursue OneWeb’s plans of building out a broadband internets satellite network, while the UK would also like to potentially use the constellation for Positioning, Navigation and Timing (PNT) services in order to replace the EU’s sat-nav resource, which the UK lost access to in January as a result of Brexit.
The deal involves both Bharti Global and the UK government putting up around $500 million each, respectively, with the UK taking a 20 percent equity stake in OneWeb, and Bharti supplying the business management and commercial operations for the satellite firm.
OneWeb, which has launched a total of 74 of its planned 650 satellite constellation to date, suffered lay-offs and the subsequent bankruptcy filing after an attempt to raise additional funding to support continued launches and operations fell through. That was reportedly due in large part to majority private investor SoftBank backing out of commitments to invest additional funds.
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