United Kingdom govt, Bharti Global wrap up $1bn acquisition of OneWeb

Joanna Estrada
Ноября 24, 2020

It's now also officially owned by a consortium consisting of the United Kingdom government and India's Bharti Global, and Neil Masterson is now installed as CEO, replacing outgoing chief executive Adrián Steckel, who will remain as a board advisor.

Delhi High Court Reserves Order on Future Retail's Plea to Injunct Amazon From Interfering in Rs 24,713 Crore Deal.

The services of OneWeb include precise positioning, navigation and timing, a capability the United Kingdom government is keen to establish in some form as its partnership in the EU's Galileo sat-nav project has ended following Brexit. The development comes soon after it was acquired by Bharti Global and other investors to increase internet connectivity in India and other developing countries.

The $1bn bid by the United Kingdom government and Bharti Global, an arm of Sunil Mittal's Bharti Enterprises, was made in July after OneWeb went bankrupt in March. Full commercial and mobility services would be rolled out in 2022-23.

OneWeb also announced that it targets 17 December 2020 for its return to flight, with a 36-satellite payload scheduled for an Arianespace launch from the Vostochny Cosmodrome in Russian Federation. The company has 74 satellites already on orbit across three prior launches, which occurred prior to its bankruptcy filing in March.

OneWeb emerged from U.S. Chapter 11 bankruptcy protection, the company said, and achieved all relevant regulatory approvals. In October its rescue by a combination of Bharti Global and the United Kingdom government was approved and now the process is complete.

"The company will ensure that the United Kingdom is at the forefront of a new commercial space industrial age, evolving technology and innovation, and will work with the United Kingdom commercial and academic space communities, along with other global specialists, in its research and development activities", the company statement said.

OneWeb will provide a new broadband connectivity for businesses, communities, and governments around the world. "Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast UK-backed broadband from the Shetlands to the Sahara and from Pole to Pole", said United Kingdom business secretary Alok Sharma.

Separately in a statement, Mittal said, "these are exciting times and the world now has a LEO alternative to work with. We look forward to partnering with those equally determined to enter this new Space Age". While Starlink will be selling services directly to the consumer, OneWeb will be working with partner telecom firms to deliver its broadband connections.

OneWeb said that following the investment decisions made by its new shareholders, its OneWeb Satellites joint venture facility with Airbus in Florida, US, has been re-activated.

Neil Masterson has been named CEO of OneWeb. Furthermore OneWeb seems to be immediately on the hunt for further investment, which will presumably be a tough sell.

Other reports by

Discuss This Article