A group including the Government of the United Kingdom won the auction for OneWeb out of bankruptcy. The consortium was lead by Bharti Enterprises, an Indian conglomerate, with $500m expected to come from the UK Government.
The United States Bankruptcy Court has until Friday, July 10th to approve the sale.
“This deal underlines the scale of Britain’s ambitions on the global stage” -Alok Sharma, U.K. Business Secretary
“Our access to a global fleet of satellites has the potential to connect millions of people worldwide to broadband, many for the first time, and the deal presents the opportunity to further develop our strong advanced manufacturing base right here in the U.K.”