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Bharti Enterprises-UK govt consortium wins bid for OneWeb

Friday, 03 Jul 2020
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Bharti Enterprises-led consortium backed by the UK government has won the auction to acquire 20 percent stake in satellite broadband operator, OneWeb.

The deal will enable OneWeb to complete the construction of a global satellite constellation that will provide enhanced broadband and other services to mobile and fixed terminals in countries around the world.

The auction was conducted in New York as part of OneWeb’s bankruptcy proceedings.

The deal, UK government pledged GBP 500 million (USD 623 million) in equity, is subject to US court approval, and is expected to close before the end of 2020.

OneWeb operates low earth orbit satellite broadband network. It has 74 satellites in orbit, and had planned to launch 550 more by end of 2021.

 
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